DP & Co. is a partnership firm with 3 partners. The capital of each partner was ₹2 lakh. The partnership deed authorised interest on capital @ 15% and working partner salary to each partner @ ₹10,000 per month for al
CS Executive · Tax Laws and Practice · PYQS · June 2016
DP & Co. is a partnership firm with 3 partners. The capital of each partner was ₹2 lakh. The partnership deed authorised interest on capital @ 15% and working partner salary to each partner @ ₹10,000 per month for all the partners. The total sales amounted to ₹70 lakh. The total income of the firm under section 44AD would be —
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax
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