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/-.
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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
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