Remuneration
This query is : Resolved
14 March 2014
is remuneration is compulsary of rs. 150000/- in case of loss of partnership firm if firm cover under section 44AD
14 March 2014
there is nothing called compulsory in income tax when it comes to expenses except for something like depreciation allowance!
the limit of 1.5 lakh is the maximum you can claim for that level of income.
the limit of 1.5 lakh is the maximum you can claim for that level of income.
14 March 2014
my gross income is 424093 and i am cover u/s 44ad so how to calulate remuneration ...it will be 150000 or it will be on 34727 (8% of 424093) of it will be calculated on 424093/....please clear......very confused
14 March 2014
my gross income is 424093 and i am cover u/s 44ad so how to calulate remuneration ...it will be 150000 or it will be on 34727 (8% of 424093) of it will be calculated on 424093/....please clear......very confused
14 March 2014
you refer to 8% profit as book profits ie Rs 34727. the salary allowed shall be Rs 1.5 lakhs or 90% of the book profit, whichever is more.
14 March 2014
Poonam,
you can refer to this article for a complete understanding https://taxguru.in/income-tax/provisions-section-44ad-amended-finance-act-2012.html
you can refer to this article for a complete understanding https://taxguru.in/income-tax/provisions-section-44ad-amended-finance-act-2012.html
14 March 2014
so you mean to say salary will be from Rs. 34727/- and there will be loss .....is that right????
14 March 2014
I mean it can be upto Rs 1.5 lakhs and you can show loss
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