Can partner of firm opt section 44ada

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Ajay Gupta (Querist)
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23 September 2018 Urgent Query -

Can a partner of firm, receiving remuneration and interest on capital opt for Section 44ADA (Presumptive Taxation). The total amount of remuneration and interest is less than 50lacs.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 September 2018 No, partner of firm, receiving remuneration and interest on capital can't opt for Section 44ADA.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 September 2018 Seems presumptive taxation can be opted by partner's of professional firm's for
remuneration and interest following the ITAT decision in Usha Narayanan,
[TS-6853-ITAT-2013(KOLKATA)-O],

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Can partner of firm opt section 44ada

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