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prasad (government employee)     15 November 2019

Partnership

after declaring profit in firm cases under section 44ad, interest n remuneration can be allowed as deduction and arrive net profit


 2 Replies

RAJA P M

RAJA P M ("Do the Right Thing...!!!")     15 November 2019

No... Remuneration and Interest not available if firm opt presumptive taxation scheme u/s 44ad.
The said amount will be added back to PandL account...
1 Like
Kapadia Pravin

Kapadia Pravin   16 November 2019

From AY 2017-2018 under 44AD 8% / 6% OR Actual profit whichever is higher considered as presumptive business income and no seperate deductions for Remuneration and interest .

Therefore no seperate deduction for interest and Remuneration available to a Firm

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