here M/s Sdps is a PF who has filed his return as per presumptive basis u/s 44AD by showing its Profit as 6% on his Total Turnover ( where whole receipt is through Bank , No cash income) ...here sdps also given a partners Remuniration and has not deducted from the profit (ie, 6% of T/o) my query is whether partner are liable to pay tax on remuniration so recd from the firm under under pgbp or not ??
T/O of Firm 82 Lakh
Profit shown Rs.5.5lakh
Partner Remuniration in this Case Rs. 10lakh
PF paid tax on 5.5lakh of profit
will partner liable to pay tax on Remuniration of Rs.10lakh so recd
pls...its urgent let me know
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44AD in case of Partnership Firm
Replies (7)
Yes partners have to pay tax on Income Received by partner from partnership firm i.e. remuneration as no part of remuneration is disallowed to partnership firm
even we have not deducted remuniration from profit after taking 6% of T/O as per 44AD ...still remuniration.so recd by partner will be taxable
You have already dedcuted dedcuted amount of remuneration for derivation of profit
as it is deemed that just like other expenses like depreciation or other are allowed within limit of 6% decleared profit
interest received by partner from firm is taxable in the hands of partner
Dear Mr Prakash Mehta.,
Which AY based question for this???
Which AY based question for this???
this is of AY 2017 - 18
| Originally posted by : Prakash Mehta | ||
 |
this is of AY 2017 - 18 |  |
In AY 17-18 no more availability for Remuneration and Interest for partners if File u/s 44AD...
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