a partnership firm file return under sec. 44 AD ,
turnover - 50,00,000
deemd profit 8%= 400000
interest to partners =50000/-to mr. A, 50000/- to mr. B
does partner need to pay tax on rs 50000 in his individual return?
2 Replies
sawan
(no)
(56 Points)
Replied 26 March 2018
yes it will be considered as Business income of the partner.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 26 March 2018
@ Mr. Rocky.,
As per latest Amendment.,
Finance Act 2016 has deleted the proviso appearing in Section 44AD (2), consequent to which, deduction of the partner’s interest and salary is not further allowed for a partnership firm opting for presumptive scheme under Section 44AD of the Finance Act 2016.
So,
If the Firm opt u/s 44ad then Interest (and Remuneration) not available... If You are claim interest then it's wrong as per 44ad...
As per latest Amendment.,
Finance Act 2016 has deleted the proviso appearing in Section 44AD (2), consequent to which, deduction of the partner’s interest and salary is not further allowed for a partnership firm opting for presumptive scheme under Section 44AD of the Finance Act 2016.
So,
If the Firm opt u/s 44ad then Interest (and Remuneration) not available... If You are claim interest then it's wrong as per 44ad...
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