If a partnership firm opts for presumptive income then how will the income of partner from pgbp from that firm be calculated. Will it be on profit sharing ratio of 8% of firms turnover or some other method?
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Income of partner?
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Income (rather shares) of partners after presumptive assessment of the firm will be tax-free in the hands of partners......
Dear Dhirajlal Sir.,
Good Morning....
If I calculate Remuneration and Interest after 8% profit ll be shown is correct or not...?
Above said way audit ll be applicable...?
Good Morning....
If I calculate Remuneration and Interest after 8% profit ll be shown is correct or not...?
Above said way audit ll be applicable...?
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