Incone tax section 44AD

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Student CA Final
68 Points Posted on 11 May 2021

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??

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On 11 May 2021 at 07:29 Report
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Quick Summary
This discussion clarifies the deductibility of salary and interest payments for partnership firms that have chosen the presumptive income scheme under Section 44AD. The consensus is that such payments are generally disallowed for deduction under Section 40(b) when opting for Section 44AD. Therefore, no separate deduction is typically provided for these expenses in such cases.

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Practice
1361 Points Posted on 11 May 2021
It shall be deemed to be allowed under 44AD. No separate deduction shall be provided.
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On 11 May 2021 at 08:45
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Chartered Accountant
24588 Points Posted on 11 May 2021
No, salary and interest paid are disallowed under section 40
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On 11 May 2021 at 09:41
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tax consultant
3306 Points Posted on 11 May 2021
Not allowed
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On 11 May 2021 at 21:15

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