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Income tax under partneship firm
Please Tell Me Applicability Provision U/s 44AD under Partnership Firm & Deduction Of Partners Remuneration & Interest to Partners & other Expenses....
Replies (5)
As Per Finance Act 2016 Interest & Remuneration is not deductable once you declare 44AD As persumtive.
So you have to pay income tax on 8% on turnover.
No deduction available..............
Above Provision is applicable from F.Y 2015-16..???
From Fy 2016-17 Onward...
And What About F.Y 2015-16..???
For FY 2015-16, the salary and interest paid to its partners shall be deducted from the income of 8% computed under section 44AD.
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