Sir
Partnership firm total sale Rs 28 lac purchase Rs 13 lac partner's salary Rs 3.6 lac(both) net profits show after Rs 1.80 lac
Now query is US 44ad can opted? If yes what tax liability?
Regards
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Firm income
Replies (3)
For eligible business sec. 44AD can be opted with minimum 6/8% profit margin. (Partner's remuneration & interest deemed to be inclusive).
44AD can be opted with minimum profit 6 or 8 percentage.
Yes you can opt for PRESUMPTIVE TAXATION SCHEME u/s 44AD of the Income Tax Act 1961, taking profit at 8%/6%.
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