Remuneration & interest from firm

This query is : Resolved

YELLANKI RATHNAGIRI (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 August 2019 Not required.......................................

YELLANKI RATHNAGIRI

YELLANKI RATHNAGIRI (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

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