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/-.
For AY 2017-18, u/s. 44AD its 8% on sales i.e, 2 lakhs as presumptive profits.
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