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Remuneration from Partnership Firm - 44AD - Income TaxExtract 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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