| Originally posted by : RAJA P M | ||
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Dear Experts., Can I file ITR for Partnership firm and provide Remunaration... if Books of accounts Maintained and Without Tax Audit...? |
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Please reply Mr. Abhishek Sir.,
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Can partnership firm go for 44ad presumptive taxation
sir
I want to know is these new rule that Interest on capital and partner renumeration can not be deducted from 8% net profit.
once more thing where such type of notification is given about new rule,so that i may come to know about this.
if you go with 44AD than you have to pay tax on net profit i.e 8% of book profit Rs. 68480/-. and tax will be rs.
cont. tax will be 21200 (apx.) i will suggest you go for tax audit
adding to all points, if they choose to provide any remuneration or Interest or both, they will have to get their accounts audited and also 40B will be attracted. hence its wise to choose not 44AD but file under 44AB and pay less tax.
also, 44AB threshold remains at 1 crore. only assessees opting for 44AD are privileged for until 2 Crore
Dear sir,
In a.y.2017-18, partnership firm can give remuneration and interest to partner and its allowed without select 44ad option...
If turnover is 2500000 and book profit is 8% of t.o. rs. 200000.
Now partner remuneration 60000 and interest 40000..
Noww tax on 200000-100000=100000 rs..
Is right without select 44ad option in a.y.2017-18
See the link for FAQ very well explained:
https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Tax+on+Presumptive+Taxation+Scheme&k=
| Originally posted by : balar chetan | ||
|
Dear sir, In a.y.2017-18, partnership firm can give remuneration and interest to partner and its allowed without select 44ad option... If turnover is 2500000 and book profit is 8% of t.o. rs. 200000. Now partner remuneration 60000 and interest 40000.. Noww tax on 200000-100000=100000 rs.. Is right without select 44ad option in a.y.2017-18 |
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You will pay Tax on Rs. 2lakhs * 30% + Interest. After paying tax you can transfer the 2lakhs to Partners account as per Percentage...
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