Regarding 44ad & 44ada

There are three businesses and three assessees.

For export and retail business, you can declare incomes u/s 44AD (if it applies to you). And for professional firm, section 44ADA applies. Then partners' profit share in prof. firm is exempt in their hands.

For Export Business[Proprietor] [Turnover 50 Lac] and Prof. Firm [Partnership Firm][Gross receipt 20 Lac]. He wants to opt for 44AD for Export Business & 44ADA For Prof. Firm. For third retail business because it is partnership business and partner may refuse to opt for 44 AD. Turnover of retail business is 40 Lac and profit 5% after all expenses.

So is it allowed for person to apply for Export Business 44AD & Prof. Firm 44ADA ?

Is it allowed for person to apply for Export Business 44AD & Prof. Firm 44ADA ?

Yes.

Individual PAN no. is XXXXXXXXXX and Same PAN No. for Export business; Turnover is 50 Lac and opting for 44D.

Professional Partnership Firm; Gross Receipt 20 Lac and Regular Tax Calculation

Retail Partnership store: Turnover 40 Lac and Regualar Tax Calculation.

How many ITR Form should be filled ? Which ITR Form in above cases ?

In which head professional partnership firm; partner salary would come in ITR ? How profit after tax in partnership take into Individual filing ?

In which head retail business partership firm; partner salary would come in ITR ?

Regards

So this person don't need to maintain book of accounts for this two firm and audit is not required. For remaining firm regular filing and it is also audit free. Right?

Yes, not required to maintain for income tax purpose. For another firm (retail store), if turnover is up to 2 cr then income needs to be declared at least 8%, else audit is required.

Individual PAN no. is XXXXXXXXXX and Same PAN No. for Export business; Turnover is 50 Lac and opting for 44D.

OK

Professional Partnership Firm; Gross Receipt 20 Lac and Regular Tax Calculation

Covered u/s 44ADA

Retail Partnership store: Turnover 40 Lac and Regular Tax Calculation.

Covered u/s 44AD

How many ITR Form should be filed? Which ITR Form in above cases?

Four ITRs will be filed for you, your partner and two firm.

In which head professional partnership firm; partner salary would come in ITR? How profit after tax in partnership take into Individual filing?

Partners’ profit share is exempt in their hand. Partners’ salaries would be as per partnership deed otherwise not disclosed in income tax.

In which head retail business partnership firm; partner salary would come in ITR?

It is not shown in firm’s ITR, as you are filing it u/s 44AD.

For perfect compliance, you should hire a CA.

Thanks