How much amount can i show as remunration and interest?

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2018 SIR I HAVE PARTNERSHIP FIRM, MY TURNOVER WAS 68 LAKHS , BOOKS WERE NOT MAINTAINED AND I DECLARE INCOME 8% (544000) U/S 44AD IN FIRM IT RETURN

DOUBTS
1. WHEN I FILE MY PERSONAL IT RETURN HOW MUCH AMOUNT CAN I SHOW AS REMUNRATION AND INTEREST

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

23 August 2018 No need to show any interest and remuneration in your personal IT return.

Querist : Anonymous

Querist : Anonymous (Querist)

24 August 2018 Sir please explain the the reason

Doubts
if i take remuneration more than 300000 it is taxable income in my personal IT beacuse firm did not pay/deduct any amount on behalf of me
i have other income 300000, if i don't show my remuneration in personal IT then my personal IT return tax will be nil

but as per my knowledge my taxable amount is 600000 (300000+300000)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

24 August 2018 You declare 8% profit by opting 44AD, as per new amendment you can't deduct remuneration and interest from the 8% profit. So no need to declare any remuneration and interest in personal return.

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