The net profit is 8% as per 44AD , but before deduction of 40(b)(v) or after deduction ?, the partner's interest and salary , and depreciation can claimed in incometax adjustments statement or not?
MURALIDOSS (INCOME TAX PRACTITIONER) (1302 Points)
12 October 2017The net profit is 8% as per 44AD , but before deduction of 40(b)(v) or after deduction ?, the partner's interest and salary , and depreciation can claimed in incometax adjustments statement or not?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 12 October 2017
From last amendment in section 44AD........... no such deductions are admissible.
Means the 8% profit margin shall be BEFORE DEDUCTION....
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