Applicability of section -44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2011
SECTION -44 AD IS APPLICABLE ON PARTNERSHIP FIRMS OR NOT ?
IF APPLICABLE THEN PROFIT BEFORE PARTNER SALARY & INTT. OR AFTER PARTNER SALARY & INTT. WILL BE CONSIDERED FOR SECTION-44AD ?
IF APPLICABLE THEN PROFIT BEFORE PARTNER SALARY & INTT. OR AFTER PARTNER SALARY & INTT. WILL BE CONSIDERED FOR SECTION-44AD ?
08 August 2011
Turnover below 60.00 lakhs. Business Firms only.
Section 44AD is applicable.
Turnover say Rs 50.00 lakh.
.
Income U/s 44AD @ 8% 4.00 Lakh
.
Interest to Partner 1.20 lakh
.
Book Profit 2.80 lakh
.
Provide remuneration on above basis.
Here it can be up to 90% of 2.80 lac.
.
Balance will be Net Profit of the firm.
Section 44AD is applicable.
Turnover say Rs 50.00 lakh.
.
Income U/s 44AD @ 8% 4.00 Lakh
.
Interest to Partner 1.20 lakh
.
Book Profit 2.80 lakh
.
Provide remuneration on above basis.
Here it can be up to 90% of 2.80 lac.
.
Balance will be Net Profit of the firm.
08 August 2011
For calculating the limit interest on partners salary not to be deducted
08 August 2011
Prakashji,
What is the use and meaning of Interest on Partner's Salary and for which limit ?
What is the use and meaning of Interest on Partner's Salary and for which limit ?
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