Dhruv Gaglani (Learning) (278 Points)
06 March 2017Respected Members,
If a professional (Say CA, Lawyer etc.) receives professional fees from the firm in which he is a partner, can he claim exemption u/s 44ADA in his personal Income tax Return?
Thanks & Regards.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160611 Points)
Replied 06 March 2017
"can he claim exemption u/s 44ADA in his personal Income tax Return?"
Any income of a professional (as specified u/s. 44AA), if permitted to practise independantly, can be assessed u/s. 44ADA.
Dhruv Gaglani
(Learning)
(278 Points)
Replied 06 March 2017
So if a firm liable to audit u/s 44AB or an LLP gives professional fees to its partner, the partner can claim presumotive income u/s 44ADA @ 50%
CAclubindia
