Net profit calculation on partnership firm
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 July 2018
IN PARTNERSHIP FIRM, (WHERE PROPER BOOKS OF ACCOUNTS MAINTAINED) NET PROFIT CALCULATION BEFORE DEDUCTING INTEREST ON CAPITAL & REMUNERATION (i.e. 8 % PROFIT ON TOTAL TURNOVER) OR AFTER DEDUCTING INTEREST ON CAPITAL AND REMUNERATION.
FROM F.Y. 2017-18 INTEREST ON CAPITAL AND REMUNERATION IS WITHDRAWN FROM PARTNERSHIP FIRM ?
FROM F.Y. 2017-18 INTEREST ON CAPITAL AND REMUNERATION IS WITHDRAWN FROM PARTNERSHIP FIRM ?
Expert : Anonymous
Expert :
Anonymous
(Expert)
19 July 2018
The Interest and remuneration can't withdrawn by ITD. It's not allowed if file u/s 44ad...
If you are opt presumptive taxation scheme then no way for claim Remuneration and Interest...
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