Partnership firm
Nishu Kotian (332 Points)
16 November 2019
partnership firm 8 % tax calculation is partners shares or before interest and remunaration
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195640 Points)
Replied 16 November 2019
No deduction of remuneration &/or interest after arriving at 6/8% (or more under sec 44AD) as deemed profit of the firm.
Kapadia Pravin
(17264 Points)
Replied 22 November 2019
The presumptive profit under 44AD shall be minimum 6% / 8% or actual whichever is higher. This calculation is on turnover or Gross receipts .
That means 92% /94% or less shall be allowed as presumptive expenses (which will be inclusive of Remuneration and interest payment to partners).
No seperate Deduction for payment to partners Remuneration and interest.
That means 92% /94% or less shall be allowed as presumptive expenses (which will be inclusive of Remuneration and interest payment to partners).
No seperate Deduction for payment to partners Remuneration and interest.
Recent Topics
- GST AMENDED HSN SUMMARY
- Interest earned on deposits placed with corporates
- Pension Misclassification and Correction in ITR
- Failed to File SPL-02 before June 30th
- AIS Utility
- Fees receipts for Technical services ..income
- INTEREST WILL PAID
- GSTR-2A Shows 3B not filed but actually files
- Private Limited Company Strike Off (No Business in
- GST on forfeiture of Security Deposit
Related Threads
Trending Online Classes
CAclubindia
