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firm use 44ad

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audit staff
1203 Points Posted on 05 July 2019
sir, my client firm gst sales RS.130000 only so I am use 44ad for firm at 8 percent. rs10400 as netprofit and tax is 3250. now firms as lower sales so partner salary and interest will not provide sir.
is it correct above method sir ?
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On 05 July 2019 at 19:01 Report
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"Do the Right Thing...!!!"
128152 Points Posted on 05 July 2019
If opt to 44ad then no way for book Partners Remuneration & Interest in any of the Turn over value...

Share the profit amount to partners account as per their share ratio...
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On 05 July 2019 at 19:16
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audit staff
1203 Points Posted on 05 July 2019
ok sir, above method is correct or incorrect sir
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On 05 July 2019 at 19:18
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"Do the Right Thing...!!!"
128152 Points Posted on 05 July 2019
As per Your query (and your view is Correct.)

But, I think You are not get 44ad related details)
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On 05 July 2019 at 19:21
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audit staff
1203 Points Posted on 05 July 2019
sir, what 44ad related details, I am not understand
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On 05 July 2019 at 19:29
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"Do the Right Thing...!!!"
128152 Points Posted on 05 July 2019
Details means act or provisions...


as per sec 44ad partners can't claim Remuneration and interest. That's all.
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On 05 July 2019 at 19:32
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audit staff
1203 Points Posted on 05 July 2019

NOT MANDATORY FOR CLAIM PARTNERS SALARY & INTERST ON CAPITAL, IF DEED IS SPECIFIED SIR, BECAUSE INSUFFICIENT SALES SO NO SALARY & INTEREST ON CAPITAL SIR. IF NEXT YEAR SUFFICIENT SALES I WILL PROVIDE SALARY & INTREST SIR

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On 05 July 2019 at 19:39
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"Do the Right Thing...!!!"
128152 Points Posted on 05 July 2019
(IF NEXT YEAR SUFFICIENT SALES I WILL PROVIDE SALARY & INTREST SIR)

No... If ITR will be file u/s 44ad
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On 05 July 2019 at 19:41
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Student
7053 Points Posted on 05 July 2019
yes as per the section it is not permissible to allow aforesaid expenses as deductible
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On 05 July 2019 at 20:52


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