Sec 44ad
This query is : Resolved
02 December 2014
a partner is eligible to take the benfit of sec 44AD in his individual asseessment on remuneration received from partnership firm because remuneration received is taxable under business/profession head
02 December 2014
In case of Partnership concern section 44AD is to be claimed by Firm only, the remuneration allowed under section 40 a(b) will be included in the income of partner(s) under section 28 and Partner(s) are required to pay taxes on such income.
The income disallowed under 40a(b) will never be part of income of the partner under section 10
The income disallowed under 40a(b) will never be part of income of the partner under section 10
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