25 August 2019
Dear all My client have partnership firm turnover was 60,00,000 They declared profit 8% U/s 44AD i.e. 4,80,000 in Income Tax Return Two partners were in above firm Actually each partner took 4,50,000 as remuneration and 80,000 as Interest on capital
Doubts should partners declared the above remuneration & Interest in their personal IT Return? Because they offered partnership income in U/s 44AD
26 August 2019
1) Sir is there any reason 2) How can we take the amount in his personal accounts? 3) Is it added to capital directly 4) If ITO ask what we have to tell