Income Tax - Started By: - NIKITA JAIN - Dated:- 14-3-2019 - Remuneration from Partnership Firm is taxed under the Head Income From Business or Profession by virtue of Section 28 & Section 44AD allows to show Income under the Head Income from Business or Profession @ 8% of Gross Receipts/Turnover. So can I apply the same 8%, on Remuneration or Interest from Partnership Firm and file my returns?For Eg: If my Remuneration from Partnership Firm is Rs,12,00,000 and Interst on Capital received is Rs,10,00,000 can I compute 8% on 22,00,000 (Interest & Remuneration) and show my Income as Rs,1,76,000.If Not, then which Section or Rule stops me from doing the same? - Discussion Forum - Knowledge Sharing

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