8% net profit...of turnover.....any deduction of partners
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 March 2017
8% NET PROFIT...OGF TURNOVER.....ANY DEDUCTION OF PARTNERS
NET PROFIT & REMUNERATION OF PROFIT OF 8%
THEN ...TAXABLE PROFIT....OR STRAIGHT 8% OF TRUN-OVER.....
ANY DIFFERENCES
FOR MANUFACTURING & RETAILES PARTNERSHIP FIRM.....
VAST....VAST ...DIFFERENCES,,,AMONG CA...FOR FY-2016-17 AY-2017-18
EML...LOOK4U@REDIFFMAIL.COM
NET PROFIT & REMUNERATION OF PROFIT OF 8%
THEN ...TAXABLE PROFIT....OR STRAIGHT 8% OF TRUN-OVER.....
ANY DIFFERENCES
FOR MANUFACTURING & RETAILES PARTNERSHIP FIRM.....
VAST....VAST ...DIFFERENCES,,,AMONG CA...FOR FY-2016-17 AY-2017-18
EML...LOOK4U@REDIFFMAIL.COM
14 March 2017
The new provisions of section 44AD for partnership firms are applicable from AY 17-18 onwards so now partnership firm will not get deduction of remuneration and interest of partners separately out of net profit of 8% of gross receipts. It shall be deemed to have been included in the same.
Message likes :
1 times
14 March 2017
Agree with Mr. Abhishek. No separate deduction from FY 2016-17 onwards.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
