Regardig Sec 44 AD

This query is : Resolved 

22 April 2009 In case of a partnership firm which is evidenced by a deed, there is a clause regarding the maintenance of books of accounts in the deed. If the firm does not maintain books of accounts and files return u/s 44AD declaring 8% profit after deducting interest and remuneration then can the AO reject the claim of interest and remuneration on the basis of the reason that the books of accounts have not been maintained by the firm and it is a violation of the clause in the deed

22 April 2009 If book of account is not mentioned as per section 44AA the AO can tax the firm on presumption basis @ 8% u/s 44AD, however he(the AO) can not prevent and disallow the firm to pay interest and remuneration to partner



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries