Dear all,
If partner of a professional firm gets interest and salary from firm, can such partner opt for presumptive scheme under section 44ADA?
2 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 11 July 2017
Partner gets interest & salary & also opt for presumptive income...
hary
(CA)
(116 Points)
Replied 22 August 2017
It Is Not so sujustable thing to go with 44AD for professional because of the amendament in 2016 Budget
Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1)
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