Remuneration for ay 2017-18

This query is : Open

TARIQUE RIZVI (Querist)
Follow

13 February 2018 A partnership firm is there wherein ITR-6 has to be filed u/s 44-AD for the ay 2017-18. Nett Profit has arrived as at Rs 7,887/= exactly equal to 8% of gross total receipt. Whether Remuneration 90% Rem of Rs 7,098 will be allowable under allowable expenses u/s 44-AD. If the said Rem is allowable, nett profit after providing 90% rem will arrive as at Rs 789 less than 8%. Please guide me what to do in such case. I shall be highly obliged.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

13 February 2018 Remuneration not allowed after declaring 8% profit.

TARIQUE RIZVI

TARIQUE RIZVI (Querist)
Follow

13 February 2018 Thank u sir for this news for the ay 17-18 as earlier rem was allowed after arriving 8% nett profit u/s 44-AD.

Upgrade to CAclubindia Pro. Subscribe Now!

RAJA P M

RAJA P M (Expert)
Follow

13 February 2018 On or before AY 2016-17 it's accepted after profit of 8% and Less the calculatd value then will pay Tax... But, From AY 17-18 it's not available except opt to Tax Audit u/s 44AB... In AY 17-18 if You will file partnership account with u/s 44ad or 44AA You must will show the Profit 8 percentage of Above... After You can Transfer Full amount as per Percentage of Share...