Hello,
I was going through your opinion regarding Partner's income from firm.
Actually in my case, there is a profit u/s 44AD from Proprietory business as well as Partner in another firm, thereby income of Interest, Share of Profit, Remuneration,from firm.
Since last few years we are following Presumptive Income Scheme and currently working accordingly.
In ITR-3 normally we mention details in Balance-Sheet & P&L Schedule under NO ACCOUNT CASE.
Now if we do the same and after that in Schedule BP we provide same Net Profit amount in Point 36 (i) - 44AD. Where shall we report the Share of Profit from firm in hands of Partner in ITR ?
Already reported in Schedule IF.
Now whether to be reported in Schedule EI as Exempt Income,
As share of firm in Schedule BP (if yes, it will reduce profit and thereby i can choose this option only by prior adding the amount of share of firm to PL account. Is that valid ? )
I would be grateful if you can share your opinion in this regard.
Thank You.