Any person having income from business less than 60 L can opt Sec 44AD and opt for declaring 8% profit.
In a case where a partner receives 40L as remuneration from partnership (special income) within the limits of Sec 40(b). It is also taxed under the head of Income from Business in the hands of the partner.
Can the partner opt for Sec 44AD in this case and declare only 3.2 L as net income?.
Hi, I am of the opinion that No you can't avail the benefit under the provision of section 44AD, reason being section 44AD is only applicable when turnover of bussiness does not exceed Rs 6000000 , but in case of partner it is salary or other remuneration received and does not fall in the category of turnover so there is no scope for applicability of section 44AD.
agree with CA SHASHANK
yes it is not possible
YOU CANNOT TAKE THIS BENEFIT
CAclubindia
