Partnership firm
Nishu Kotian (332 Points)
16 November 2019
partnership firm 8 % tax calculation is partners shares or before interest and remunaration
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(182146 Points)
Replied 16 November 2019
No deduction of remuneration &/or interest after arriving at 6/8% (or more under sec 44AD) as deemed profit of the firm.
Kapadia Pravin
(17259 Points)
Replied 22 November 2019
The presumptive profit under 44AD shall be minimum 6% / 8% or actual whichever is higher. This calculation is on turnover or Gross receipts .
That means 92% /94% or less shall be allowed as presumptive expenses (which will be inclusive of Remuneration and interest payment to partners).
No seperate Deduction for payment to partners Remuneration and interest.
That means 92% /94% or less shall be allowed as presumptive expenses (which will be inclusive of Remuneration and interest payment to partners).
No seperate Deduction for payment to partners Remuneration and interest.
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