Deduction of partner remuneration u/s 44ada

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2017 Whether deduction for partner's remuneration & interest is available to firm , if firm opts for presumptive taxation under section 44ADA of the Income Tax Act, 1961.
Thank u in advance

CA Shubhanshu Jain

CA Shubhanshu Jain (Expert)
Follow

26 July 2017 NO if Firm opts for section 44ADA no deduction is allowed for partner's remuneration or interest on capital because section starts with "Notwithstanding anything contained in section 28 to 43C..." i.e. if assessee opts for presumptive taxation under 44ada no deduction is allowed u/s 28-43C and partner's remuneration and interest on capital comes under section 40.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Prashant Kotecha

Akhilesh Chandra

Vasudevan Santhanam

CA Saurabh Jadhav

shobi H

Subscribe Now

Deduction of partner remuneration u/s 44ada

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

CA Final

GST CONSULTANCY