Presumptive tax

this is very urgent, can any one pls tell me asap

According to sec 44AD the assessee can't claim any deduction of any expense. Any deductions allowable for expenses u/s 30-38 is deemed to have already been allowed. Hence no further deductions can be claimed under under the head profits & gains of Business. How ever where the assessee is a firm the salary and interest paid to its partners, is allowable  .

How ever where the assessee is a firm the salary and interest paid to its partners, is allowable .subject to sec 40(B)

interest

12%   or paid whichever is lower

salary paid to partner

a)on the first Rs.3,00,000 of the book-profit or in case of a loss Rs.1,50,000 or at the rate of 90 per cent. of the book-profit, whichever is more;

(b) on the balance of the book-profit at the rate of 60 per cent.

or paid whichever is lower