When a partnership firm has total sales of ₹90 lakh, the maximum amount deductible as salary of working partners on the basis of presumptive income determined under section 44AD is

CS Executive · Tax Laws and Practice · PYQS · December 2015
When a partnership firm has total sales of ₹90 lakh, the maximum amount deductible as salary of working partners on the basis of presumptive income determined under section 44AD is
(A) ₹4,92,000
(B) ₹3,60,000
(C) ₹3,30,000
(D) ₹5,22,000.

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act, 1961

Open in Interactive Practice Hub · Full Practice Hub · Chapter Weightage · More in this subject

Related Questions in this Topic