Allowability of remuneration in presumptive taxation
This query is : Resolved
Sourabh Ambure
(Querist)
25 December 2018
How to calculate eligible book profits of partnership firm to calculate Allowable remuneration for FY 2017-18. Because since we opt for presumptive income, We will not have any P&L a/c to calculate book profit. Whether 8% of turnover itself can be taken as Book profit and Remuneration to be calculated based on such 8% of turnover? Or P&l A/c is required to be prepared to calculate book profit...??
CA Mohit Bansal
(Expert)
25 December 2018
If you are showing profits 8% of the turnover then no deduction for remuneration to partners is allowed
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