income tax sec 44AD
This query is : Resolved
16 March 2011
Incase of a partnershipfirm,whether salary to parners & int. on capital is deducted from presumtive income calculated u/s 44AD.
IN OTHER WORDS, Whether Tax liability shall be calculated after deducting Salary & Interest on capiatal of partners from the amount calculated u/s 44 AD. Please suggest accordingly.
Thank you
IN OTHER WORDS, Whether Tax liability shall be calculated after deducting Salary & Interest on capiatal of partners from the amount calculated u/s 44 AD. Please suggest accordingly.
Thank you
16 March 2011
Yes. Interest on Capital and remuneration to working partner will be deductible from the 8% profit calculated U/s 44AD. The firm has to pay tax on such amount as reduced by these two items.
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