Section 44ad
This query is : Resolved
13 October 2017
As per section 44AD of the Income Tax Act, 1961, assesse must declare profit @ 8% of turnover and all the expenses including depreciation shall be deemed to have been allowed as deduction. With effect from AY 2017-18, deduction of interest on partners' capital and remuneration to working partner will also be not allowed. Now the question is such non allowability of deduction of interest on partners' capital and remuneration to working partner is applicable only when the income is declared u/s. 44AD or also in cases where books of accounts are maintained by the firm.
13 October 2017
Non-allowability is only for assessee's opting 44AD.
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