Income fixed at 8% u/d 44AD
This query is : Resolved
Quick Summary
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
