8% Income can not be estimated u/s 44AD for Partners Remuneration from Firm: ITAT
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a partners’ remuneration from the Firm shall not be subject to the application of presumptive interest rate under section 44AD of the Income Tax Act. The assessee received remuneration and interest from partnership firms namely M/s. Kumbakonam Jewellers, M/s. ANS… Read More »