Tulip & Co. is a partnership firm of two partners. Total turnover of the firm during financial year 2019-20 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:A
Tulip & Co. is a partnership firm of two partners. Total turnover of the firm during financial year 2019-20 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