Remuneration and interest received by partners cannot be offered for presumptive taxation u/s 44AD

Remuneration and interest received by partners cannot be offered for presumptive taxation u/s 44AD

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Remuneration and interest received by partners cannot be offered for presumptive taxation u/s 44AD 

ITAT Chennai in the attached ruling has held that the remuneration and interest drawn by a partner of a firm does not per se qualify as gross receipts or turnover so as to be eligible for the benefit of presumptive tax under Section 44AD.
 
They have therefore denied the benefit of presumptive tax under Section 44AD to the concerned partner. 
 

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