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INCOMETAX


yagneshdave08
(@yagneshdave08)
New Member
Joined: 3 years ago
Posts: 3
Topic starter  

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
 

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
 

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
 

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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