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44 ad income declare for partnership firm

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 February 2012 There are two partnership firm having two partners(same persons and equal sharing ratio)
Turnover 22 lac in each firm maintained accounts and having profit of more than 8% of Turnover

Can both firms declare the profit under 44AD and submit only the required details
or some restriction is there

Please clarify
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Ravikant

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Ravikant (Expert)
02 February 2012 Both can declare profit under 44AD provided they are in business (not in profession) and other conditions are satisfied. (refer 44AD)
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