Interest and salary from partnership firms excluded from presumptive income u/s 44AD; impacts tax treatment. https://www.taxtmi.com/highlights?id=56043 Characterization of interest income from the partnership firm as business income - Presumptive income @8% u/s 44AD - Interest and salary received by the assessee from firms in which he was a partner - conspicuously section 28(v) has not been included in sub-section (2) of Section 44AD which deals with any interest, salary, bonus, commission or remuneration by whatever name called, due to or received by, a partner of a firm from such firm. - HC en-us Fri, 25 Dec 2020 17:32:44 +0530 Fri, 25 Dec 2020 17:32:44 +0530 TaxTMI RSS Generator Interest and salary from partnership firms excluded from presumptive income u/s 44AD; impacts tax treatment. https://www.taxtmi.com/highlights?id=56043 Characterization of interest income from the partnership firm as business income - Presumptive income @8% u/s 44AD - Interest and salary received by the assessee from firms in which he was a partner - conspicuously section 28(v) has not been included in sub-section (2) of Section 44AD which deals with any interest, salary, bonus, commission or remuneration by whatever name called, due to or received by, a partner of a firm from such firm. - HC Highlights Income Tax Fri, 25 Dec 2020 17:32:44 +0530 https://www.taxtmi.com/highlights?id=56043