44ad
This query is : Resolved
16 February 2015
There is a partnership firm taking benefit u/s 44AD and claiming deduction if partner's remuneration which is duly calculated as per 40(b).
Now that partner to whom remuneration is paid is also taking 44AD ka benefit by considering remuneration as gross total income and applying 8% on it
Is it legally valid?
Is there any case law on that
16 February 2015
This is not legally valid claim. Remuneration from partnership firm is fully taxable under income from business for a partner. Therefore cannot show 8% on it. Under 44AD, 8% profit can be shown on gross receipts from business.
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