The Partnership firm has opted for Presumptive Taxation u/s 44AD.
How to calculate Partners Remuneration and Profit for their individual ITR filing. How to calculate BOOK PROFIT.
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How to calculate BOOK PROFIT for calculation of Partners Rem when firm has opted u/s44AD
Replies (4)
There will be only share of profit under 44AD
No share of profit under Sec 44AD
Partnership Remuneration calculated on the basis of book profit, so first calculate your book profit. In income tax profit declared 8% after considering remuneration and interest.
If you consider under remuneration then you have to pay tax again..
Consider everything under share of profit since partnership firm has already paid taxes under presumptive Taxation
Consider everything under share of profit since partnership firm has already paid taxes under presumptive Taxation
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