Income fixed at 8% u/d 44AD
This query is : Resolved
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mohamed ali & co
(Querist)
20 March 2024
In a faceless assessment order, the income of the firm is fixed at 8% of the gross receipts by the faceless assessment unit. But the interest on capital and salary to managing partners not deducted in the order. Tax calculated on the 8% fixed on gross receipts. Can we file an appeal asking for the deduction of the interest on capital and salary to partners . Can the experts throw light on this aspect please...
CA R SEETHARAMAN
(Expert)
20 March 2024
Interest on capital and salary to managing partner not allowed as deduction from 8% profit under section 44AD.
mohamed ali & co
(Querist)
20 March 2024
The above firm is a hotel and getting income from accommodation of rooms. Can the collection from rooms subjected to section 44AD.
CA R SEETHARAMAN
(Expert)
21 March 2024
Yes, it's a business income 44AD applicable.
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