Partnership firm u/s 44ad
This query is : Open
PIYUSH PATEL
(Querist)
13 March 2016
Hii all I want to know about when we calculate profit u/s 44ad for partnership firm at that time for findingout remuneration intrest on partner's capital should be deduct first from profit or as it is directly calculate on 8% profit?
CA R SEETHARAMAN
(Expert)
13 March 2016
It can be deducted from 8% profit.
13 March 2016
1. Find out 8%.
2. Deduct interest on capital @12%.
3. Arrive the balance .
4. Calculate remuneration on the balance so arrived above.
2. Deduct interest on capital @12%.
3. Arrive the balance .
4. Calculate remuneration on the balance so arrived above.
PIYUSH PATEL
(Querist)
13 March 2016
thanks for answer
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