Partnership firm income more than 8 % can they claim rem
This query is : Resolved
14 July 2017
please can u help me
I have refered both the provision u/s 44AB and sec44AD
Couldnt find the exact solution
no where it is written that if the firm income is more than 8% and files normal itr4 then firm cannot claim remuneration and interest
What if partnership firm have income more than 8% ?
Then also return should be file in sec 44ad under presumptive scheme
Or return can be file in ITR5 without doing audit if turnover less than 2 cr AND CLAIM REMUNERATION AND INTEREST
I have refered both the provision u/s 44AB and sec44AD
Couldnt find the exact solution
no where it is written that if the firm income is more than 8% and files normal itr4 then firm cannot claim remuneration and interest
What if partnership firm have income more than 8% ?
Then also return should be file in sec 44ad under presumptive scheme
Or return can be file in ITR5 without doing audit if turnover less than 2 cr AND CLAIM REMUNERATION AND INTEREST
15 July 2017
Eligibility to claim interest and remuneration was in proviso to section 44AD (2). This proviso is omitted by Finance Act, 2016 w.e.f 1.4.2017.
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