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How to calculate BOOK PROFIT for calculation of Partners Rem when firm has opted u/s44AD

ITR 490 views 4 replies
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Self occupation
115 Points Posted on 23 July 2022

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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On 23 July 2022 at 13:50 Report
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CFO- at NHTF
58280 Points Posted on 23 July 2022
There will be only share of profit under 44AD
59 Reply
On 23 July 2022 at 17:04
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Profession Business
28207 Points Posted on 24 July 2022
No share of profit under Sec 44AD
44 Reply
On 24 July 2022 at 06:59
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Chartered Accountant
86505 Points Posted on 24 July 2022
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.
814 Reply
On 24 July 2022 at 12:15
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CFO- at NHTF
58280 Points Posted on 26 July 2022
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
59 Reply
On 26 July 2022 at 08:41


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