44ad for partnership
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2015
Dear Sir,
Whether a partnership firm can file its return showing net profit @ 8% u/s 44ad for the AY 2015-16.
And If yes, then whether it can give salary and interest to partners from the calculated net profit @ 8%
Whether a partnership firm can file its return showing net profit @ 8% u/s 44ad for the AY 2015-16.
And If yes, then whether it can give salary and interest to partners from the calculated net profit @ 8%
22 September 2015
Yes if its turnover is not exceeding Rs. 1 crore in case of business and Rs. 25 lac in case of profession it can go for section 44AD and interest and salary to partners are allowable out of 8% profit u/s 44AD.
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