Partnership firm profit
This query is : Resolved
24 May 2016
Hii expert's
My query :
how can calculate partnership profit under section 44AD.
I mean
example X & co. Sale 2 lacs and profit 16000/- as per section 44AD.
kya hum partners reumneration less kar sakete hai is profit mein se..... Pls suggest mem
25 May 2016
According to Sec. 44AD after computing 8% income on Presumptive basis further deduction nder section 30 to 38 shall not be allowed but in case of partnership firm remuneration and interest can be further deducted up to limit of section 40(b). so in your case you can deduct remuneration from this computed profit of Rs. 16,000.
25 May 2016
please also note the radical changes made in the said section with effect from financial year 2016-17
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