20 December 2017
My client is working as a partner in a firm whose turnover is below 2 crore. Hence the ITR of firm is filed under 44AD for the assessment year 2017-18. While filing the partners individual return how remuneration and interest computed. As per the partnership deed, eligible remuneration is as per Income tax Act, 1961.
How to compute partners remuneration for a Firm filing income tax returns under 44AD for the AY 2017-18?
Whether there is a provision to provide remuneration and interest to partners, if they are not maintaining books of accounts? if so, how to compute the same.
20 December 2017
Sir, We can not claim deduction for the same while filing return. My doubt is that, whether there is a provision to show remuneration and interest in the partner's individual return as their income. If so how to make calculation.
CAclubindia
