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 ?
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 ?
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/-
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/-
27 September 2013
It come to loss sir. How cajbi show loss
27 September 2013
If after applying sec applicable if loss comes then u need to go ahead with loss only.
27 September 2013
Ok thankyou
27 September 2013
Yes, you can show loss. Even in the event of loss partners are eligible for maximum of 150000/- total remuneration.
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.
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.
27 September 2013
Professionals cannot use and invoke sec 44AD and u need to file itr 4.
27 September 2013
Than audit is require
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.
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
27 September 2013
in income from profession head only in itr-4.
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