Thanks @Muskan_Balar for your answer.
Could you please give reference/links to prove that Salary/remuneration deduction is allowed after 50% profit under 44 ADA for partnership firm?
Thanks in advance.
Thanks @Muskan_Balar for your answer.
Could you please give reference/links to prove that Salary/remuneration deduction is allowed after 50% profit under 44 ADA for partnership firm?
Thanks in advance.
Waiting for update.
Thanks
Hello @love4u_now
No deduction is allowed after computing Income under the head PGBP at 50% of Gross receipts under section 44ADA.
Thus, it is deemed that remuneration to partner and interest if any has been covered in the 50%.
Thank you.
Hi, im a future and option trader. im looking to find ways to reduce tax and learned about Presumptive Taxation, so i have a question about it.
lets say if fno traders turnover is 1crore and made profit of 50 lakh, so under Presumptive Taxation does he have to pay tax only for 6% of 1cr, so his income reported as only 6lk not 50lk under this scheme?
Hello @Joe
Section 44AD states that taxpayer needs to report profit higher of the 2 below:
Since F&O trading is an online activity where actual profit can be easily derived from the broker statements, we would not advise to opt for Section 44AD.
We recommend preparing books of accounts and filing ITR 3 for F&O business.
Thank you.