Partnership firm profit
This query is : Resolved
Deepak Bissa
(Querist)
24 May 2016
Hii expert's
My query :
how can calculate partnership profit under section 44AD.
I mean
example X & co. Sale 2 lacs and profit 16000/- as per section 44AD.
kya hum partners reumneration less kar sakete hai is profit mein se..... Pls suggest mem
CA Sonal Gupta
(Expert)
25 May 2016
According to Sec. 44AD after computing 8% income on Presumptive basis further deduction nder section 30 to 38 shall not be allowed but in case of partnership firm remuneration and interest can be further deducted up to limit of section 40(b). so in your case you can deduct remuneration from this computed profit of Rs. 16,000.
Amol S Joglekar
(Expert)
25 May 2016
please also note the radical changes made in the said section with effect from financial year 2016-17
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- TDS on Fixed Assets purchased
- Capitalgain tax purposes for valuation report compulsory
- Non filing of I T Returns
- Oct 2025 Invoices
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
