whether salary or interest received by a partner from the firm which has opted 44AD presumptive scheme is taxable or exempt in the hands of Partner?
Let us assume
A.Y. 2019-2020
FIRM OPTED PRESUMPTIVE TAXATION UNDER 44AD
FIRMS'S TURNOVER(non digital) = 95 LACS
SALARY PAID TO PARTNER A AND B 240000 EACH P.A.
INTEREST PAID TO PARTNER A AND B 120000 EACH P.A.
PARTNERS ARE HAVING NO INCOME OTHER THAN SALARY AND INTEREST
NOW MY QUESTION IS WHAT IS TOTAL INCOME OF PARTNERSHIP FIRM?
WHAT IS TOTAL INCOME OF PARTNER A AND B?
Clarifying Taxability of Salary and Interest for Partners Under Section 44AD in 2019-2020 Assessment Year A partner in a firm that has opted for the 44AD presumptive taxation scheme in the assessment year 2019-2020 inquires about the taxability of salary and interest received from the firm. The firm has a non-digital turnover of 95 lakhs and pays each partner, A and B, a salary of 240,000 and interest of 120,000 per annum. The partners have no other income sources. The query seeks clarification on the total income of the partnership firm and the individual incomes of partners A and B. (AI Summary)
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