Sec 44ad
This query is : Resolved
Shekhar Agarwal
(Querist)
28 July 2017
There was an amendement in section 44AD that partnership firm have to show profit at 8% after allowing for partners salary and interest ?? It is applicable from which assessment year?? Plz clarify
CA R SEETHARAMAN
(Expert)
28 July 2017
There was an amendment in section 44AD that partnership firm have to show profit at 8% before allowing for partners salary and interest. It is applicable from assessment year 2017-18.
Shekhar Agarwal
(Querist)
29 July 2017
That means that after showing 8% profit, they can still claim Interest on Partners Capital and Salary without Audit??
29 July 2017
No....
If you opt u/s 44AD you can show profit 8% and above. The 8% is after calculate Remuneration and Interest to Working partners.....
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CA R SEETHARAMAN
(Expert)
29 July 2017
No salary and interest can be deducted from 8% profit.
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