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 ?
CA PARAS BAFNA
(Expert)
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
CA PARAS BAFNA
(Expert)
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 ?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- GST on reimbursement of expenses
- Query on effect of registration of property
- Whether output tax is taken credit by purchaser
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Additional trade name
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
