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Partnership return u/s 44AD

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24 Points Posted on 16 August 2022
can partners remuneration and interest be deducted from declared 8% profit u/s 44ad.
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On 16 August 2022 at 23:58 Report
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Student
586 Points Posted on 17 August 2022
No 8% profit includes only business profit and losses. Partners remuneration and interest are part of profit and loss appropriation a/c.
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On 17 August 2022 at 10:21
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SEO Sai Gr. Hosp.
211715 Points Posted on 17 August 2022

Ms. Shruti is correct in a way. But as per your deed if you need to distribute the profit, you can deduct salaries first and then shares in the profit. The total amount will be tax free in the hands of Partners.

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On 17 August 2022 at 15:32
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Chartered Accountant
86505 Points Posted on 17 August 2022
8% Profit is after deducting remuneration and interest
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On 17 August 2022 at 22:40
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754 Points Posted on 21 August 2022
Audit u/s 44AB is applicable if he is declaring income lower than thereafter specified u/s 44AD. But, section 44AD is not applicable to Agency, Commission and Brokerage. Hence, he can declare income less than 8%.
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On 21 August 2022 at 22:36


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