https://www.taxtmi.com/forum/issue?id=117198 Presumptive taxation under section 44AD applies to partnership firms and the prescribed percentage of turnover is treated as the firm's taxable profit after accounting for partner remuneration and interest on capital. Where book remuneration would make book profit exceed the presumptive profit, practitioners should assess whether actual accounts and a tax audit are necessary to properly reflect partner remuneration and avoid inconsistencies with presumptive computation. en-us Sat, 01 May 2021 11:21:40 +0530 Thu, 23 Jan 2025 15:54:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117198 Presumptive taxation under section 44AD applies to partnership firms and the prescribed percentage of turnover is treated as the firm's taxable profit after accounting for partner remuneration and interest on capital. Where book remuneration would make book profit exceed the presumptive profit, practitioners should assess whether actual accounts and a tax audit are necessary to properly reflect partner remuneration and avoid inconsistencies with presumptive computation. Discussion-Forum Income Tax Sat, 01 May 2021 11:21:40 +0530 https://www.taxtmi.com/forum/issue?id=117198