Section 44ada - remuneration to partners

Tax queries 439 views 2 replies

Respected 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.

Replies (2)

"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.

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%


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