Easy Office
LCI Learning

44ada presumptive taxation for specified professionals

This query is : Resolved 

23 March 2019 Dear Sir/Madam,

My Query....

A Partnership firm with Engineers opting for Presumptive Taxation u/s 44ADA. Can Partners of the firm in their individual capacity also opt for Presumptive Taxation u/s 44ADA as Partners remuneration from firm is taxable as Business/Profession receipts in the hands of Partners.


Thanks in Advance

Arun Kumar Yemula

24 March 2019 As partnership firm opted for 44ADA. Any remuneration and interest received from the firm is exempt from tax. Hence partner opting 44ADA out of remuneration from firm does not arise.

24 March 2019 + A partnership firm engaged in specified profession can opt 44ADA.

+ The firm referred above can pay remuneration and interest to partners.

+ The payments referred above is taxable in the hands of partners.

+ Opting presumptive taxation on the above payment is a vexed issue since there
are for and against decisions for levying 271B on partners remuneration.






You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries