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income tax

m.prasad (B.Com) (112 Points)

20 May 2019  
in partnership firm turnover Rs.4000000/- part net remuneration is allowed u d 44AD

 4 Replies

Vincent De Mello (Professional) (280 Points)
Replied 20 May 2019

No remuneration to partners deductible, when firm assessed u/s. 44AD

3 Like

saurabh sawlani (2011 Points)
Replied 21 May 2019

Finance Act 2016 has deleted the proviso appearing in Section 44AD (2), consequent to which, deduction of the partner's interest and salary is not further allowed for a partnership firm opting for presumptive scheme under Section 44AD of the Act.

m.prasad (B.Com) (112 Points)
Replied 21 May 2019

on RS.4000000/- @ 8%= 320000/- tax 11856

Neemisha Khatri (Accounts) (283 Points)
Replied 21 May 2019

 
  on RS.4000000/- @ 8%= 320000/- tax @ 31.2% ... Rs. 99840/-  

 

2 Like

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