A business partnership firm consisting of two partners are filing income tax of the firm under section 44AD presumptive basis...While filing income tax return of the firm, the interest on capital and remuneration of the partners are not shown in the presumptive
return as it is not allowable as per the recent act...
Now my query is, whether the same interest on capital and remuneration of partners should be disclosed while filing Individual IT return of partners?
Please provide necessary clarifications for this case along with notifications sent by the govt, if any...
Thank you
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Disclosure of Interest on Capital and Remuneration of partners
Replies (6)
yes of course you have to show
thank you soo much sir
which head of income
income from business and profession
partner file 44ada so only 50% of interest on capital need to show
income from business and profession
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