Sec 44ad

This query is : Resolved

Sumit Shukla (Querist)
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29 August 2019 1. Is partners income as Remuneration, interest, share of profit can be claimed by partner under sec 44AD as presumptive income and claim 8% profit?
2. Is partnership firm under Sec 44AD or Sec 44ADA can claim deduction for interest and remuneration paid to partners as per Sec 40b?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 August 2019 1 Share of profit is exempt from tax. 44AD not applicable on remuneration and interest.
2 No deduction of interest and remuneration paid to partners as per Sec 40b allowed from presumptive income 44AD/44ADA.

Sumit Shukla

Sumit Shukla (Querist)
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30 August 2019 44AD not applicable on remuneration and interest.

Can you qoute me the section for same as it is not stated in Sec 44AD

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