Remuneration & interest from firm
This query is : Resolved
YELLANKI RATHNAGIRI
(Querist)
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
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
CA R SEETHARAMAN
(Expert)
26 August 2019
Not required.......................................
YELLANKI RATHNAGIRI
(Querist)
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
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
CA R SEETHARAMAN
(Expert)
26 August 2019
1 Not taxable in the hands of partners.
2 and 3 add it in capital account.
4Tell to ITO tax paid on it in firms account.
2 and 3 add it in capital account.
4Tell to ITO tax paid on it in firms account.
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