44ad for a partner ????
This query is : Resolved
07 March 2013
Dear Sir,
Suppose Mr.A is a partner in xyz & co. He receives remuneration of Rs 10 lakh.
Also suppose he has another sole proprietor business in which he earns Rs 80 lakhs.
Now can he opt for 44 ad ??? on what amount will 8% apply ???
Also if remuneration is 25 lakhs, will 44ab apply ???
Suppose Mr.A is a partner in xyz & co. He receives remuneration of Rs 10 lakh.
Also suppose he has another sole proprietor business in which he earns Rs 80 lakhs.
Now can he opt for 44 ad ??? on what amount will 8% apply ???
Also if remuneration is 25 lakhs, will 44ab apply ???
07 March 2013
Yes he can opt for Sec 44AD.
8% will apply on Turnover of his Sole Proprietorship.
8% will apply on Turnover of his Sole Proprietorship.
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