M/S X FIRM RUN BY 3 PARTNER. TOTAL SALES FOR RS.25,00,000/- PARNTNER SALARY RS.180000/- INTEREST RS.24000/- PROFIT RS.33000/- (AFTER FOR PAENTER SALARY& INTEREST) FOR THE ASS-YEAR 2017-18.IF ALLOWABLE FOR PARTNER SALARY & INTEREST AUDIT U./S 44AD? OR 8% PROFIT RS.20000/- ON SALES RS.200000/-.
4 Replies
RAMA KRISHNAN
(247 Points)
Replied 09 May 2017
sorry sir can't understand what you intend to say. anyway partners salary and interest on capital can be deducted from the total income declared under section 44AD
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177726 Points)
Replied 09 May 2017
For AY 2017-18, u/s. 44AD its 8% on sales i.e, 2 lakhs as presumptive profits.
RAMA KRISHNAN
(247 Points)
Replied 09 May 2017
from a.y 2017-18, partners salary and interest on capital is not allowed under section 44AD
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