section 44 AB
Banbari Lal (Taxation) (61 Points)
14 July 2018
Section 44 AB minimum profit of 8% calculated after deducted partner remuneration or salary or before its
3 Replies
Banbari Lal
(Taxation)
(61 Points)
Replied 14 July 2018
Remuneration as per income tax act ya as per partnership agreement
CA Swati Agarwal
(Employed)
(73 Points)
Replied 14 July 2018
UNDER SEC 44AD OF IT ACT, FIRM is eligible to calculate their profit as 8% of thre gross receipt /turnover.
No Dedn will be allowed u/s 30 to 38 of IT act.However,int or remuneration(salary) paid to partners of partnership firm will be allowed as deduction from income.
So, in my opinion ,Profit will be calculated after deduction.
Regards
CA Swati Agarwal
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