SURANA (PROPRIETOR) (515 Points)
09 January 2017Hello Sir
Heard that Firm which opt for 44ADA cannot include Remuneration and Interest to Partner in calculating 50%
So the NP should be 50% after giving any remuneration and Interest to Partners? which otherwise in case of 44AD is before any remuneration and Interest to Partners.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169626 Points)
Replied 09 January 2017
"Heard that Firm which opt for 44ADA cannot include Remuneration and Interest to Partner in calculating 50%"
Correct.
"So the NP should be 50% after giving any remuneration and Interest to Partners? " Net profit can be anything as per actual.
Actual profit be anything, but not included for deductions in presumptive income.
Under sec. 44ADA, taxable income of the firm would be 50% of total turnover. (before any deduction).
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
