Section 44 ad (8%)
This query is : Resolved
Ishfaq AHMAD WANI
(Querist)
10 March 2016
sir/ madam
i have file the ITR under sec 44ad with net profit 8 % on the gross amount below one crore. I have taken interest and salary of the partners and deduct it from the profit. Interest and salary of the partners should be deducted on net profit when we file ITR u/s 44ad. kindly confirm me with as per income tax act 1962
i have file the ITR under sec 44ad with net profit 8 % on the gross amount below one crore. I have taken interest and salary of the partners and deduct it from the profit. Interest and salary of the partners should be deducted on net profit when we file ITR u/s 44ad. kindly confirm me with as per income tax act 1962
Ankur Singhal
(Expert)
10 March 2016
Dear
yes you can deduct interest am d salary given to partners from the profit calculated @8%.
But interest and salary should be in accordance with section 40b of income tax act, 1961
yes you can deduct interest am d salary given to partners from the profit calculated @8%.
But interest and salary should be in accordance with section 40b of income tax act, 1961
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