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Partnership Firm & 44AD

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online

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online (Querist)
10 September 2024 Can we declare income u/s.44AD of a newly formed partnership firm for FY 2023-24 ? And can we also further deduct Salary and Interest on capital paid to partners in a non-audit case ?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 September 2024 1. Yes,
2. Not from the presumptive income.
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Mahabir Prasad Agarwal online

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Mahabir Prasad Agarwal online (Querist)
10 September 2024 Thanks sir. If I conduct audit of the said firm, then whether Interest and salary to partners will be allowed as deduction or not ?
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