Sec 44ad
This query is : Resolved
Sumit Shukla
(Querist)
29 August 2019
1. Is partners income as Remuneration, interest, share of profit can be claimed by partner under sec 44AD as presumptive income and claim 8% profit?
2. Is partnership firm under Sec 44AD or Sec 44ADA can claim deduction for interest and remuneration paid to partners as per Sec 40b?
2. Is partnership firm under Sec 44AD or Sec 44ADA can claim deduction for interest and remuneration paid to partners as per Sec 40b?
CA R SEETHARAMAN
(Expert)
30 August 2019
1 Share of profit is exempt from tax. 44AD not applicable on remuneration and interest.
2 No deduction of interest and remuneration paid to partners as per Sec 40b allowed from presumptive income 44AD/44ADA.
2 No deduction of interest and remuneration paid to partners as per Sec 40b allowed from presumptive income 44AD/44ADA.
Sumit Shukla
(Querist)
30 August 2019
44AD not applicable on remuneration and interest.
Can you qoute me the section for same as it is not stated in Sec 44AD
Can you qoute me the section for same as it is not stated in Sec 44AD
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