DP & Co. is a partnership firm with 3 partners. The capital of each partner was ₹ 2 lakh. The partnership deed authorized 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 –
A. ₹ 5,60,000
B. ₹ 4,32,000
C. ₹ 1,28,000
D. ₹ 3,50,000
Answer:A
DP & Co. is a partnership firm with 3 partners. The capital of each partner was ₹ 2 lakh. The partnership deed authorized 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 –
A. ₹ 5,60,000 B. ₹ 4,32,000 C. ₹ 1,28,000 D. ₹ 3,50,000