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
Thank u in advance
CA Shubhanshu Jain
(Expert)
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.
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