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.
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Section 44ada - remuneration to partners
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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