Partnership firm filing under 44ADA
I am a individual proprietor with GST filing under 44ADA for my contractor work.
I recently got a new contract for another work and am thinking register partnership firm and make contract between client and my partnership firm(client is ok with it).
partners will be me and wife where I will be doing all the technical work and wife will do all technical work for the firm.
My 2 questions.
- Contract value for FY will be less than 75L, can firm file under 44ADA? Are partnership allowed to use 44ADA?
- Me being partner in firm already under 44ADA as individual proprietor with GST. Will there be any issue when receiving profit share from firm?
Please suggest if I am missing something, I will also be discussing. this with CA so need to compare options.