Whether salary and interest will be allowed for deduction as per section 40 (b) in case of partnership firm addopting presumtive income under section 44AD??
3 Replies
Lotus Agrawal
(Practice)
(1361 Points)
Replied 11 May 2021
It shall be deemed to be allowed under 44AD. No separate deduction shall be provided.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 11 May 2021
No, salary and interest paid are disallowed under section 40
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