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Remuneration from Partnership Firm - 44AD, Income Tax

Issue Id: - 114757
Dated: 14-3-2019
Remuneration from Partnership Firm - 44AD

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Remuneration from Partnership Firm is taxed under the Head Income From Business or Profession by virtue of Section 28 & Section 44AD allows to show Income under the Head Income from Business or Profession @ 8% of Gross Receipts/Turnover. So can I apply the same 8%, on Remuneration or Interest from Partnership Firm and file my returns?

For Eg: If my Remuneration from Partnership Firm is Rs,12,00,000 and Interst on Capital received is Rs,10,00,000 can I compute 8% on 22,00,000 (Interest & Remuneration) and show my Income as Rs,1,76,000.

If Not, then which Section or Rule stops me from doing the same?

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1 Dated: 14-3-2019
By:- CASusheel Gupta

Refer to decision in MR. A. ANANDKUMAR VERSUS ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, SALEM =  2019 (2) TMI 165 - ITAT CHENNAI which denies such treatment.

CA Susheel Gupta



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