firm having turnover in f.y 17-18 RS 2700000/-
if we file itr4 i.e 44Ad
than tax would be RS
162000
if we file itr 3 then profit 162000 after arriving profit remuneration and interest on cap allowable or not????
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remuneration to partners
Replies (1)
Yes.... Exactly It's very good question... If eligible business See the Solutions and Difference between 44AD and 44AA...
44AD - If You (Firm) opt presumptive taxation scheme then no way for claim Remuneration and Interest. You must show the Profit 8 percentage or above 8 percentage.
Also no way for account the Depreciation on Fixed Assets...
44AA - As per sec 44AA (without Tax Audit) You can/must Show the profit 8 percentage or above 8 percentage.
But, You can claim Remuneration and Interest before profit. Also You can provide Depreciation on Fixed Assets...
Better to Opt sec 44AA...
44AD - If You (Firm) opt presumptive taxation scheme then no way for claim Remuneration and Interest. You must show the Profit 8 percentage or above 8 percentage.
Also no way for account the Depreciation on Fixed Assets...
44AA - As per sec 44AA (without Tax Audit) You can/must Show the profit 8 percentage or above 8 percentage.
But, You can claim Remuneration and Interest before profit. Also You can provide Depreciation on Fixed Assets...
Better to Opt sec 44AA...
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