When a partnership firm is taxed u/s44AD for AY17-18 , will the partners be exempt from showing remuneration and interest in their individual returns as the firm was not given deduction or will we have to provide for minimum remuneration as per deed, in their individual returns.
Thankyou
If deed specifically provides for certain amount of remuneration...... then the amout of capital should be distrubuted in that ratio as remuneration paid (though taxfree) first and then it can be shared as per partnership ratio.......
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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