Tulip & Co. is a partnership firm of two partners. Total turnover of the firm during financial year 2018-19 is ₹160 lakh inclusive of ₹60 lakh made through account payee cheques and ECS. The partnership deed provided

CS Executive · Tax Laws and Practice · PYQS · June 2019
Tulip & Co. is a partnership firm of two partners. Total turnover of the firm during financial year 2018-19 is ₹160 lakh inclusive of ₹60 lakh made through account payee cheques and ECS. The partnership deed provided for monthly working salary of ₹30,000 to each of the partners. The income of the firm by applying section 44AD for A.Y. 2019-20 would be :
(A) ₹11,60,000
(B) ₹12,80,000
(C) ₹5,00,000
(D) ₹4,40,000

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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