Dear all,
This is with respect to Partners Remuneration calculation when Presumptive Taxation u/s 44AD is opted.
As per section 44AD the Net Profit is 6%. If Remuneration is calculated as per 40B then the balance will not tally.
Please help.
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How to calculate Partners Remuneration in presumptive taxation u/s 44AD
Replies (2)
As per the provisions of section 44AD, income will be computed on an estimated basis @ 8% of turnover or gross receipts of the eligible business for the previous year.
Dear Mr. Ramachary,
The query however is not about Presumptive taxation. It is about Calculation of Partners Remuneration when Presumptive Taxation has been opted.
NB: For availing benefit u/s 44AD (Presumptive Taxation), profits where income is credited digitally or through the bank will be considered as 6% as against 8% for cash receipts.
Thank you.
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