44ad for partner in a firm

This query is : Resolved

Sunny Sharma (Querist)
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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

CA R SEETHARAMAN (Expert)
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02 September 2019 Profit is exempt from tax, Declare remuneration and interest as income 44AD not applicable on it.

Sunny Sharma

Sunny Sharma (Querist)
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02 September 2019 That means whichever amount received from all firms as remuneration and interest is 100% shown as income?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 September 2019 Yes provided 44AD not opted by the firm.

Amol S Joglekar

Amol S Joglekar (Expert)
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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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