Senthil & Co. is a partnership firm consisting of 2 partners with equal share. The partnership deed provides for interest on capital @ 18% per annum on capital of ₹5 lakhs each contributed by the partners. Both are w
CS Executive · Tax Laws · PYQS · June 2021
Senthil & Co. is a partnership firm consisting of 2 partners with equal share. The partnership deed provides for interest on capital @ 18% per annum on capital of ₹5 lakhs each contributed by the partners. Both are working partners eligible for monthly salary of ₹10,000 each as per partnership deed. The firm has done total sales of ₹60 lakhs. Amounts realized by cash was ₹10 lakhs and balance through account payee cheque/draft/ECS through a bank account. How much is the presumptive income of the firm under section 44AD for the assessment year 2021-22?
Answer & Explanation:
The official key records '*'. This question is excluded from automatic grading because the source does not supply an unambiguous valid choice. Official source note: None of the option are correct. Correct answer is ₹ 380000.
Topics: Income Tax
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