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FROM F.Y. 2017-18 INTEREST ON CAPITAL AND REMUNERATION IS WITHDRAWN FROM PARTNERSHIP FIRM ?

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19 July 2018 The Interest and remuneration can't withdrawn by ITD.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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