Partnership firm partner salary and interest
This query is : Resolved
01 December 2021
Dear Sir,
Whether a partnership opting 44AD, can deduct partner salary and interest from net profit calculated @ 8% or firm has to pay tax on net 8%
Whether a partnership opting 44AD, can deduct partner salary and interest from net profit calculated @ 8% or firm has to pay tax on net 8%
B Sathyanarayanan
(Expert)
01 December 2021
You have to pay tax at net 8% and you are not allowed for any other deduction under 44AD , No interest and Salary is allowed .
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