A partner and presumptive income
This query is : Resolved
11 March 2013
Dear Sir,
Can a partner file his return u/s 44AD if he has other business income(other then what is received from partnership firm).
Then which ITR form has to be filled?
Can a partner file his return u/s 44AD if he has other business income(other then what is received from partnership firm).
Then which ITR form has to be filled?
12 March 2013
dear sama.
if partner is engaged in any buisness activity other than that from where he is receiving partner remuneration.
then he can go for sec. 44AD in respect of that other business.
and for the purpose of limit under section 44AD remuneration received shall not be added.
if a person is engaged in two business activity, then he is free to opt sec. 44AD interest of one or both, if falls within that limit.
if partner is engaged in any buisness activity other than that from where he is receiving partner remuneration.
then he can go for sec. 44AD in respect of that other business.
and for the purpose of limit under section 44AD remuneration received shall not be added.
if a person is engaged in two business activity, then he is free to opt sec. 44AD interest of one or both, if falls within that limit.
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