Tulip & Co. is a partnership firm of two partners. The total turnover of the firm during the financial year 2020-21 is ₹ 160 lakh inclusive of ₹ 60 lakh made through account payee cheques and ECS. The partnership deed provided for the monthly working salary of ₹ 30,000 to each of the partners. The income of the firm by applying Section 44AD for AY 2021-22 would be:

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Question:Tulip & Co. is a partnership firm of two partners. The total turnover of the firm during the financial year 2020-21 is ₹ 160 lakh inclusive of ₹ 60 lakh made through account payee cheques and ECS. The partnership deed provided for the monthly working salary of ₹ 30,000 to each of the partners. The income of the firm by applying Section 44AD for AY 2021-22 would be:

1.₹ 11,60,000

2. ₹ 12,80,000

3. ₹ 5,00,000

4. ₹ 4,40,000

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  1. Tulip & Co. is a partnership firm of two partners. The total turnover of the firm during the financial year 2020-21 is ₹ 160 lakh inclusive of ₹ 60 lakh made through account payee cheques and ECS. The partnership deed provided for the monthly working salary of ₹ 30,000 to each of the partners. The income of the firm by applying Section 44AD for AY 2021-22 would be:
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