The Firm is eligible to claim under Section 40,40A and 43B after computation of income of the presumptive taxation scheme under section 44AD for the AY 2019-20
5 Replies
Reshma Thakur
(Professional)
(290 Points)
Replied 20 May 2019
No. The provisions of section 44AD override sections 28 to 43 C of the IT Act.
Hence, the question of any other deduction as per normal provisions does not arise.
SHIVANI KUDTARKAR
(512 Points)
Replied 20 May 2019
under section 44AD, it is deemed that expenses allowable u/s 30 to 38 are allowed and remuneration to partners is covered u/s 40(b).
hence it is allowable
hence it is allowable
Prakash Pant
(owner)
(312 Points)
Replied 20 May 2019
Finance Act 2016 has deleted the proviso appearing in Section 44AD (2), consequent to which, deduction of the partner's interest and salary is not further allowed for a partnership firm opting for presumptive scheme under Section 44AD of the Act.
Pritesh Mukharjee
(accountant)
(266 Points)
Replied 20 May 2019
Yes, as per recent amendment, the remuneration to working partners is not allowed to be deducted from such presumptive income assessed.
Rave Erd
(Auditor)
(69 Points)
Replied 25 May 2019
Thank u Sir, Mr.Prakash Pant,
We paid the Remuneration and Interest on capital to the Partner, if the firm opting for presumptive scheme.
What is the view of the remuneration and interest on capital as it is income of the partner or not?
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