Remuneration from Partnership Firm - 44AD

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..... Remuneration from Partnership Firm - 44AD
Query (Issue) Started By: - NIKITA JAIN Dated:- 14-3-2019 Last Reply Date:- 14-3-2019 Income Tax
Got 1 Reply
Income Tax
Remuneration from Partner .....

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..... ship Firm is taxed under the Head Income From Business or Profession by virtue of Section 28 & Section 44AD allows to show Income under the Head Income from Business or Profession @ 8% of Gross Receip .....

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..... ts/Turnover. So can I apply the same 8%, on Remuneration or Interest from Partnership Firm and file my returns? For Eg: If my Remuneration from Partnership Firm is Rs,12,00,000 and Interst on Capital .....

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..... received is Rs,10,00,000 can I compute 8% on 22,00,000 (Interest & Remuneration) and show my Income as Rs,1,76,000. If Not, then which Section or Rule stops me from doing the same? Reply By CASushe .....

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..... el Gupta: The Reply: Refer to decision in MR. A. ANANDKUMAR VERSUS ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, SALEM = 2019 (2) TMI 165 - ITAT CHENNAI which denies such treatment. CA Susheel Gup .....

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..... ta 9811004443
Discussion Forum - Knowledge Sharing .....

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