For claim expenses under 44ad
This query is : Resolved
MANISH SHARMA
(Querist)
19 March 2016
Affter declare 8% profit of gross receipt, can we claim any expenses other than partner remunaration.
Ankur Singhal
(Expert)
19 March 2016
Dear
Only in case of a partnership firm salary and interest paid to partners can be deducted subject to limit specified by section 40 of income tax act.
Only in case of a partnership firm salary and interest paid to partners can be deducted subject to limit specified by section 40 of income tax act.
MANISH SHARMA
(Querist)
19 March 2016
That Means, A Entity other than a partnership firm not claim any expense affter declare profit (8%) of gross receipt
Ankur Singhal
(Expert)
19 March 2016
Yes You are right.
This benefit is available only to the partnership firm.
This benefit is available only to the partnership firm.
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