how to compute book profit to calculate remmuneration as per sec 40(b) , if assessement is done as per sec 44AD ( presumptive taxation ) of income tax act.
i mean profit calculated @ 8% on tournover, it self to be taken as book profit to calculate remmuneration limits as per sec 40 (b) of income tax act.
Yes, that will be 8% of the total turnover
As the assessee is a firm you will be required to add back the remuneration/interest paid to the partners to arrive at the book profits. After the deductin on account of remuneration shall be calculated as per sectino 40(b).
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