Issue related to section 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 December 2011
Assessee is a partner in partnership firm and received interest & remuneration from firm.Assessee has no other buisness income.Whether he can apply the presumptive income provision of sec.44AD for his receipts (interest & remuneration) from partnership firm ?
15 December 2011
As per my knowledge need not to offer income under presumptive basis. However the remuneration 100% should be taxable i.e no deductions allowable from it and interest also 100% liable to tax except in the case the investment in the firm by way of borrowing of money so i think there is no chance to above question. But i am not sure my answer wait for other experts reply.
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