44ad for partner in a firm
This query is : Resolved
Sunny Sharma
(Querist)
02 September 2019
There is one partner who has received profit interest and remuneration from 6 partnership firm. Can he declared his income under 44AD?or he can declared all receipts as income? Please give proper sec reference or case law reference.
CA R SEETHARAMAN
(Expert)
02 September 2019
Profit is exempt from tax, Declare remuneration and interest as income 44AD not applicable on it.
Sunny Sharma
(Querist)
02 September 2019
That means whichever amount received from all firms as remuneration and interest is 100% shown as income?
CA R SEETHARAMAN
(Expert)
02 September 2019
Yes provided 44AD not opted by the firm.
Amol S Joglekar
(Expert)
03 September 2019
profit is not taxable in the hands of partners. Interest and remuneration is the income. Can not be opted out u/s 44AD
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