T.T.VIJAYAPRAKASH (properter) (253 Points)
19 July 2018MRSS. A BUSINESS FIRM FOR TOTAL SALES RS.30,00 LAKS. AFTER PARTNERS INTEREST NET PROFT RS,2,41,000/- FOR THE ASST-YEAR 2018-19
1.) IT IS COVERED FOR U.S 44AD? ARE REGULAR? ARE PRESUMPTIVE BASIC
2i AS PERR IT DEPRECATION RS.145000/- ON FIED ASSETS.
3) THE DEPRECIATION TO BE ADJUSTED IN TOTAL INCOME STATEMENT?
PL. HELP
THNAKS
Kamal Verma
(Financial advisor)
(582 Points)
Replied 19 July 2018
Interest given to partners on capital contribution is less than or equal to 12% and must be covered in partnership deed, depreciation as per income tax act will be allowable.
Kavita Modi
(CA Job)
(232 Points)
Replied 19 July 2018
Yes can go for presumptive income as your profit is almost 8% of Total turnover but you cannot claim depreciation and partner interest as these deduction are not allowed in presumptive section. Hence you have to show your profit inclusive of depreciation and partner interest.
CAclubindia
