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yagneshdave08

(@yagneshdave08)

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Joined: 3 years ago

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Topic starter 08/07/2019 1:38 pm

PARTNERSHIP FIRM FILING INCOMETAX RETURN FOR AY 2019-20 UNDER SECTION 44AD AND 44ADA WHETHER REMUNERTATION AND INT ON CAPITAL U/S 40(B) IS ALLOWBALE FOR DEDUCTION AFTER CONSIDERING 8% PROFIT US/ 44AD OR DIRECTLY PAY 30% TAX AFTER TAKNG 8% PROFIT ON TURNOVER OF PARTNESHIP FIRM U/S 44AD OR 44ADA PL GUIDE ME

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Babatax

(@babatax)

Member Admin

Joined: 3 years ago

Posts: 116

08/07/2019 3:23 pm

From AY 2017-18, the deduction is not available for remuneration and interest paid to partners. We have to pay 30% tax on the declared profit u/s 44AD or 44ADA.

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Sundaraiah

(@sundaraiah)

Trusted Member

Joined: 3 years ago

Posts: 66

04/10/2019 10:32 pm

A partnership firm

One partner additional capital introduce RS.6 lacs by receipt mode of cash one day

Another partner capital withdraw

RS.4 lacs by payment mode of cash withdraw one day

Above two cash transaction allowed or violation of sec 269 St.

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Babatax

(@babatax)

Member Admin

Joined: 3 years ago

Posts: 116

08/10/2019 5:19 pm

There is no restriction on capital introduction by partner in cash u/s269ss.

But there is restriction on capital withdrawal in excess of Rs 2 lakh in cash u/s 269st. It will attract penalty u/s 271D of the Act.

Please raise a new Query for new Question. As the new query gets highlight easily.

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