partneship firm
turnover -40 lakhs
net profit - 6 lakhs
books of accounts are maintained
1) so my question is can he claim the deduction u/s 40b becz he maintains books of accounts and show profit more than 8%
2)in above case he count as opt for 44ad or not ?????
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Sec 44AD
Replies (23)
1. Yes, provided the net taxable income is equal to or more than 6/8%
2. No.
are you 100% sure
Very Much sure for..........."Yes, provided the net taxable income is equal to or more than 6/8%" and when not opted for presumptive taxation scheme.
thank you so much sir
Most Welcome, Dear.........
My Dear Mr Dhirajlal Rambhia Sir.,
Sec 40(b)...? Is it possible...?
He asked for partnership firm....?
not understand your quetion
40(b) is not allowed under section 44AD because under that section it will be deemed to be allowed. otherwise the partnership firm can claim 40(b)
All asseesse excluding LLP who opts 44AD cannot be eligible for further deductions. The profir comes from 44AD by applying rates is final.
you both dont understand my question
read properly
if i show more profit than 8% and i maintain book of accounts than in that case i am eligible for 40b deduction or not
when you called you opt for 44ad when you don't maintain and you showing 8% ( am i right or wrong plz clarify)
but in my case i am maintain my books of accounts
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