40(b)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 September 2013 solve problem(partnership firm)

sales : 33 lacs
Partner capital ; 60 lacs.

want to apply for section 44AD.

how calculation should done :

how much interest can provide ?

How to calculate salary of partner ?

CA Mohit Bansal

CA Mohit Bansal (Expert)
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27 September 2013 interest should be as authorised by partnership ded maximum of 12%.
Assuming interest @ 12% is mentioned in deed.
Calculations:-

Profits u/s 44AD 264000/-
33L*8%
Less:Interest on capital
60L*12% 720000/-
Less: Salary to partners
(Max of 150000/- in case of loss) 150000/-

ACS Gaurav Jain

ACS Gaurav Jain (Expert)
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27 September 2013 It come to loss sir. How cajbi show loss

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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27 September 2013 If after applying sec applicable if loss comes then u need to go ahead with loss only.

ACS Gaurav Jain

ACS Gaurav Jain (Expert)
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27 September 2013 Ok thankyou

CA Mohit Bansal

CA Mohit Bansal (Expert)
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27 September 2013 Yes, you can show loss. Even in the event of loss partners are eligible for maximum of 150000/- total remuneration.

ACS Gaurav Jain

ACS Gaurav Jain (Expert)
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27 September 2013 Can you help me in case where i resident indian reciving remunaration from foregin connsaltancy having two house propery. Which itr i should file.

ACS Gaurav Jain

ACS Gaurav Jain (Expert)
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27 September 2013 Can i file itr 4s.. He is receiving consaltancy for his past servicess. I can show income under income from other source in itr 4 or 4s.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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27 September 2013 Professionals cannot use and invoke sec 44AD and u need to file itr 4.

ACS Gaurav Jain

ACS Gaurav Jain (Expert)
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27 September 2013 Than audit is require

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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27 September 2013 r sec 44AB limits for applicability of audit which depends on gross turnover or receipts if exceeds rs 25 lakhs in case of professional then yes.

ACS Gaurav Jain

ACS Gaurav Jain (Expert)
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27 September 2013 Turnover less than 25 lacs. He currently not providing service.. He only receiving consaltancy fees for past service. Where to show. In other source or else where

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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27 September 2013 in income from profession head only in itr-4.