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remuneration to partner
suppose one of my client which is partnership firm having turnover of 40 l during fy 2016_17 showing profit of rs 320000 u/s 44AD.my query is whether I can claim remuneration to partner of rs 7,00,000 and interest on capital before 8 percent of profit
Replies (3)
No...
If Partnership Firm opt sec 44AD then Can't Claim Remuneration and Interest as per FA 2017...
If Partnership Firm opt sec 44AD then Can't Claim Remuneration and Interest as per FA 2017...
44ad presumption i.e. 320000 is after allowing remuneration and interest
U/s 44ad after declaring the profit amount transferred to capital account and also use the amount tax free withdrawing... The amount not called remuneration...
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