Salary to partners-40b vs 44ad

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vijayeendra patil (Querist)
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28 July 2011 Newly Introduced Sec.44AD provides for deduction of Partners Salary and Interest on Capital while computing presumptive income under Sec.44AD. While 40b provides for Deduction of Interest and Salary to Partner paid in accordance with Partnership Deed.
It would be seen that Sec.40b read withj proviso to Sec.44AD is restrictive provision and not a prescriptive provision. Tharefore the Provisions of Sec.40b and 44AD are incosistant and the advantage of Sec.44AD are not derived.

Your views are solicited.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 July 2011 Presumption is always against reality. Suggestion may be forwarded to the Finance minister's attention.

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