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Deduction of remuneration will not be allowed If your corporations revenue are taxed under the presumptive taxation portion 44AD or 44ADA.
six% of total turnover or gross receipts of the tax 12 months obtained by account payee cheque/lender draft, ECS through checking account on or prior to owing date of filing the return of cash flow
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In the event of Part 44AE, if taxpayer is usually a partnership firm, salary and desire paid to companions is permitted as deduction from prescribed profits higher than
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As a result the taxpayer can decide with the presumptive taxation plan beneath section 44ADA along with the taxable profits chargeable is 50% of the total receipts.
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