" If the turn over is rs. 50 lakhs and we show the profit Rs. 400000 and above.... Then after we can book  remuneration and Interest...?"

No remuneration or interest deductible provided the profit shown u/s. 44AD.........

(& once capital of firm after tax ..... is divided as per shares, no taxability in the hands of partners)

But if income declared u/s. 44AA/44AB....... partner's remuneration & interest deductible u/s 40(b)........ and no tax audit liability provided profits declared be 6/8% or more after all such  deductions.....

Dear Sir.,

As our discussion and your valuable reply.... If i move the account asfollowing....

>>> T/O Rs. 1.62crs U/s 44AD - If shown in Profit  - then Show it 8% = 12.95 LAKHS (12.95lakhs X 30% = 389000 + 11650 =          400,500      + 40000 (Int : 234) = 4,40,500...

>>> T/O Rs. 1.62crs U/s 44AD - If shown in Loss - then no need any payments except late fee if imposed by AO

>>> T/O Rs. 1.62crs U/s 44AB - If shown in Loss - then ll be pay the late filing fee 0.5% or 1.5 lakhs*

Exactly...........

Option 1 Safest in practice

Option 2 Most likely to get Scrutiny notice because of cash transactions. (Also some expert differ and opined for compulsory tax audit)

Option 3 : OK, but to be submitted with tax audit report

Good Luck

Good Morning Dear........

Well .... Here the process differs from case to case.........

In general only cash receipts, bank statements and sales register are required for justification of the Turnover, but because of loss declaration....during the process if any advances/deposits/loans or withdrawals by partners are found then these requires justification with verifications/confirmations. (This is specifically because your query started with some discriminatory transactions of partners) 

Dear Mr. Dhirajlal Rambhia Sir.,

Thank you for your support for every clarifications and Your advices....

As per our discusions 'U/s 44AD no availability of Remuneration and Interest to Partners"...

Please give the followings for your solutions...

1. If pay 8% or more and the partners can avail the profit amount as per sharing as salary...?

2. At the time of running business the partners withdraw the amounts in "Current Account - (Capital)". It's treat as salary...?

3. Also we discuss the tax paid profit amounts in excempt to partners hand. Then How to file his ITR...

Thanks & Regards

S ELAVARASI

1. The shares of the tax paid capital can be shared as per mutually agreed term of the partnership. Working partner may withdraw appropriately more share.

2. No. The same is treated as capital withdrawal.

3. In ITR 3 there is  Schedule-IF: Information regarding partnership firms in which assessee is a partner.............. which is to be filled as ........

""Schedule-IF,-
(i) This Schedule has to be filled for each firm in which you are partner.
(ii) In case you are partner in more than 5 firms, a separate sheet may be enclosed giving the details in same format.
(iii) In column 1 of the Schedule, furnish the name of the firm and in column 2 furnish the PAN No. of the firm in which the assessee is a partner. In column 3 and 4, the percentage share and amount of share in the profit of the firm as computed in accordance with the provisions of the Income-tax Act. Such share is exempt from tax in hands of the partner.
(iv) In column 5, please furnish the amount of capital balance (including the capital on which you are entitled for an interest) in the firm in which you are partner."""

1. Yes, provided Turnover below 1 Cr.

2. YES.

The depreciation on assets is deemed to have been adjusted in the declared profits under presumptive scheme. Thus the value of the assets would be as per WDV.

It will get reduced by the depreciation rate as applicable over the asset. (every year)

The written-down value (abbreviated as WDV) is the depreciated value of an asset (movable or immovable) for purposes of taxation.