Section 44AD: Treatment of Partner Salary & Interest

Share
Share This Thread
  1. TANU23

    TANU23 New Member

    How to check whether Section 44AD is applicable in case of partnership firm or not? Do we consider the profit arrived after allowing partner salary & interest as an expense for the purpose of checking whether the profit is 8% or more or not ? or Do we need to add back the partner salary & interest in the net profit of partnership firm ?
    Please Explain.
    Thanks in anticipation
     
  2. rudrabose

    rudrabose Active Member

    The salary and interest paid to partners is allowed to be claimed as an expense from the 8% profit
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
Professional under Section 44ADA Income Tax Mar 16, 2018
section 44ad/ 44ada Income Tax Mar 4, 2018
Section 44ADA Income Tax Dec 30, 2017
Can Section 44AD and 44ADA be used together ? Income Tax Nov 26, 2017
section 44AD Income Tax Nov 16, 2017