Presumptive profits of a partnership business

This query is : Resolved

JAYAKUMAR.M.G

JAYAKUMAR.M.G (Querist)
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29 December 2017 Dear Experts
whether a Partnership business can file Income Tax return under Presumptive basisfor AY 2017-18 where the dealer is a fruits merchant who's turn over is Rs 99 Laks for FY 2016-17 and in that case wehether they can cliam deduction of remuneration to working Partners

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 December 2017 1. Partnership firm can opt for presumptive taxation.

2. Remuneration cannot be claimed if presumptive taxation is opted.

RAJA P M

RAJA P M (Expert)
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29 December 2017 Yes... I agreed to Mr. B. Chackrapani Warrier Sir.,

If you opt u/s 44AD presumptive Scheme then the Partners can't avail the "Remuneration & Interest" in FY 2016-17...

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