As per sec 44ADA how would you explain the provision applicable to partnership firm ? Can the profit after the intrest and salary to partners be
less than 50% ???
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Sec 44ADA for partnership firm
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Profit after Interest and Remuneration u/s 40(b) should be 50% u/s 44ADA.
No, Profit after interest and remuneration should be more than 50%
Net 50% of Turnover Taxable as Profession Income.
All Expenses including interest and remuneration/salary to partner is not allowed from 50% of turnover profession income.
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