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Section 44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 March 2013 Pls Tell Me,
Section 44AD Applicable in case of partnership firm or not.

if partnership firm only have interest income and share of profit accrued from other partnership firm in which firm is partner.

and no expenses as such.
so normal profit is comin very much and if i go with 44AD, only 8% i have to take.
pls suggest ?
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 March 2013 my say normal profit is say 100000 (interest and share of profit (exempt).

so tax is 30%.

is i go with 44AD, then only 8000 (8%) profit and 30% of 8000 i have to pay.

is this possible.
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CA Suraj Lakhotia

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CA Suraj Lakhotia (Expert)
12 March 2013 44AD applies to income from business. Interest income is income from other sources and hence Section 44AD would not have application.
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