Interest u/s 234A is calculated @ 1% for every month or part of the month on the amount of tax payable. This interest is calculated from the due date to the date of the actual filing of the Income Tax Return.
A partner of a professional firm gets interest and salary from the firm under section 40b. Such a partner can not opt for the presumptive taxation scheme under section 44ADA with respect to such salary and interest.
Interest on the capital of working partner and Remuneration in the form of salary, bonus, or commission paid to the partners is allowed as a deduction to a partnership firm under section 40b of the Income Tax Act, 1961.
It is clarified that no adjustment on account of sales return/discount or indirect taxes including GST is required to be made for the collection of tax since the collection is made with reference to receipts of the amount of sale consideration.
To reduce the burden of compliance for small taxpayers, The Government provides for a scheme called Presumptive Taxation Scheme. Under this scheme, the taxpayer is not required to maintain any books of accounts, and their profit is presumed to be a certain percentage of sales.