Partners remuneration
This query is : Resolved
14 October 2017
As per section 44AD, partners remuneration is not allowed for AY 2017-18. If books of accounts are maintained but it does not fall under the criteria of tax audit, and has income of more than 8% of turnover after allowing such deduction. Can a partnership firm claim deduction for partners remuneration?
14 October 2017
In the above case interest and remuneration can be claimed and to file form ITR-5.
14 October 2017
Thank you sir, what if there is profit of less than 8%
14 October 2017
if profit is less than 8% tax Audit is applicable.
14 October 2017
Net profit is more than 8%. If Partners remuneration is claimed then it is less than 8%.
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