will 44AB applicable if , My Income is comprises of remuneration from partnership firm and interest on capital from partnership firm which is more than 2,00,00,000(2 Cr.) as both income is considered as busniess receipt .. so , will provision of 44AB will attract .....
your valuable suggestion is highly appreciated ......
03 March 2018
Remuneration from Partnership firm is business income. Interest is Income from other sources and therefore not included in 44AB unless you have a personal business of money lending.
04 March 2018
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) in the case of Amal Ganguli v Deputy Commissioner of IT (DCIT) and Sagar Dutta v DCIT held that a partner is liable to tax audit under Section 44AB of the IT Act, 1961, if his salary from the partnership firm exceeds the threshold limit prescribed under Section 44AB. The tribunal observed that partner is carrying out his profession as partner of the firm though not individually.
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