Very urgent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2015 There are 2 partners in a firm, they take 60000 as salary/remuneration through bank,

Turnover was 36,00,000

they wants to file itr u/s 44ad

but when i prepare itr u/s44ad system showing allowable remuneration was 259200 but they take 60000*12=720000

so please tell me is it correct to file U/s44AD
very urgent

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

18 December 2015 Partners Remuneration u/s 40 b Upto 300000 book profits or in case of loss Rs.150000/-90% whichever is higher , Balance book profit 60% allowed as Salary. anything excess paid will be dis-allowed will be added to Profit for which Firm has to pay Tax for Disallowed Portion.