Income tax on partnership firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 November 2015
for 8% of Gross sale whether partners remuneration & interest on capital included or not?
14 November 2015
It is not included can be claimed from the 8% profit.
19 November 2015
Calculate profit @8% u/s. 44AD, out of this Int. and Remuneration to partners is allowable, balance will be treated as income of firm for tax.
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