M/S X FIRM RUN BY 3 PARTNER. TOTAL SALES FOR RS.25,00,000/- PARNTNER SALARY RS.180000/- INTEREST RS.24000/- PROFIT RS.33000/- (AFTER FOR PAENTER SALARY& INTEREST) FOR THE ASS-YEAR 2017-18.IF ALLOWABLE FOR PARTNER SALARY & INTEREST AUDIT U./S 44AD? OR 8% PROFIT RS.20000/- ON SALES RS.200000/-.
Menu
Audit
Replies (4)
sorry sir can't understand what you intend to say. anyway partners salary and interest on capital can be deducted from the total income declared under section 44AD
Clarify your question
For AY 2017-18, u/s. 44AD its 8% on sales i.e, 2 lakhs as presumptive profits.
from a.y 2017-18, partners salary and interest on capital is not allowed under section 44AD
Recent Threads
- Exports against INR PO payable by Domestic Company
- Which websites are best for government exam prepar
- TDS on maturity payment of LIC of india
- ITR2 Gold ETF short and long term
- Query under faceless assessment
- Purchase of business
- Refund of ITC for advance paid to overseas supplie
- Clubbing query (when gifts given to multiple fami
- Transfer Pricing Audit Upload Form 3CEB - Income T
- Only a Few Pages Indexed by Google Despite Sitemap
Related Threads
CAclubindia
