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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
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.
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.
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.
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