A B Kundu (Professional) (1422 Points)
22 June 2018If a registered partnership firm opts for Sec.44AD and file IT return accordingly, then how the share of profit will be taken in the hands of the partners in their personal return in the following two cases-
a) the firm maintaining accounts but for obtaining benefit it has filed return under sec.44AD?
b) the firm doesn't maintain accounts at all?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170119 Points)
Replied 22 June 2018
In either case the shares are distributed to partners as per their sharing ratio, and it remains tax-free in individual hands.
Sundararajan S
(Final Student of ICAI)
(1764 Points)
Replied 23 June 2018
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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