Dear Members,
one partnership firm has declared profit under sec 44AD in AY 2018-19.
questions arise is...
1). Is partner remuneration u/s 40(b) is allowed for deduction from income..Recent amendment in FY 2017-18
.
2) imunity available to partnership firm for first time audit under 44AD if profit declared less than 8%/6% as the case may be.
Thanks
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Partners remuneration under 44AD
Replies (4)
As per the latest amendment the 40 (b) remuneration is not allowed if asseasse filed return u/s 44AD /ADA .
I think earlier was not allowed but now allowed to relief small taxpayers..pls correct
okk.
All deductions regularly allowed under sections 30 to S.38 shall be deemed to have been allowed in full and no further deduction shall be allowed under section 44AD. However, in the case of a Partnership firm, salary and interest would be allowed as deduction u/s 44AD subject to the conditions and limits prescribed under section 40(b).
All deductions regularly allowed under sections 30 to S.38 shall be deemed to have been allowed in full and no further deduction shall be allowed under section 44AD. However, in the case of a Partnership firm, salary and interest would be allowed as deduction u/s 44AD subject to the conditions and limits prescribed under section 40(b).
it means salary to partners will allowed???
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