Salary and interest received by partner from 44AD opted firm

[Nitin Arora]

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?

AI Summary

Presumptive taxation under section 44AD and tax treatment of partner salary and interest when firm opts presumptive scheme. Query whether salary and interest paid by a partnership that has opted for the presumptive taxation scheme under section 44AD are taxable or exempt in the hands of partners; facts: AY 2019-20, firm turnover 95 lakhs, salary of 240,000 each and interest of 120,000 each paid to two partners with no other income; questions seek the total income of the firm and of each partner under the presumed scheme.