Hey, i have a query,
In case of a partnership firm,
Gross receipts = 20,00,000
Less: salary allowable u/s 40(b) = 1,00,000
Less: other exp= 18,00,000
NP= 1,00,000
Will profit percentage for 44ad will be 5% (100000/2000000 × 100),
Or after adding back salary, i.e. (200000 / 2000000 × 100) = 10%
Please clarify.
As per sec 44AD no way for claim / book Remuneration and Interest on capital. And profit will shown 8% or above. If you will show less than 8 percentage then Tax Audit applicable...
As per sec 44AA You can book remuneration and interest. But, Profit will shown 8 percentage of above (after remuneration and interest). If you will show less than 8 percentage then Tax Audit applicable...
As per sec 44AB You can book remuneration and interest. Also you can show less than 8 percentage of Profit...
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