Partnership firm profit

This query is : Resolved

Deepak Bissa (Querist)
Follow

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

CA Sonal Gupta (Expert)
Follow

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

Amol S Joglekar (Expert)
Follow

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Joyashish Maitra

Saumil Kapadia

Raj Jaggi

Keshav Dubey

Poojitha Raam Vinay

Subscribe Now

Partnership firm profit

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

Manager- Finance and Compliance

GST CONSULTANT

Accountant

CA Final

GST CONSULTANCY