Section 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 December 2015 Dear Experts,
Plz clarify my query...1) can A partnership firm opt section 44AD or not...2) if yes does the firm liable to maintain it's books of accounts...3) which expense can be claim as deduction in firm....

Plzzz reply.....

Ankur Singhal

Ankur Singhal (Expert)
Follow

17 December 2015 The provisions of section 44AD are applicable to such resident assesses who is an Individual, 11indu Undivided Family and Partnership Firm but not Limited Liability Partnership Firm.
No need to maintain books of accounts

It should be noted that an assesses, being a partnership firm, can claim further deduction of remuneration and interest paid to its partners within the limit specified under section 40(b). In other words, in case of an assesses being a partnership firm, separate deduction from the net income computed as per presumptive taxation scheme in respect of remuneration and interest paid to its partners is allowed. Further, from income computed at the aforesaid rate, no dis allowance can be made under sections 40, 40A and 43B. Thus, in case of an assesses adopting the presumptive taxation scheme of section 44AD, no dis allowance under sections 40, 40A and 43B will apply.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

ASIM ATREY AND ASSOCIATES

ABHISHEK RATHORE

madhu sudan

Sapan Kumar Nayak

Ramulu Thakkalapally

Subscribe Now

Section 44ad

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA