40b calculation
This query is : Resolved
Nidheesh V
(Querist)
07 July 2016
In the calclation of Partners remuneration under 40b,how to treat the following ?
1,Interest income from firm's bank FD
2,Interest income from firm's Kuri FD
3,Interest on firm's Income tax refund
1,Interest income from firm's bank FD
2,Interest income from firm's Kuri FD
3,Interest on firm's Income tax refund
Amol S Joglekar
(Expert)
07 July 2016
The interest mentioned above form part of profit.
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Soumitra Basu
(Expert)
07 July 2016
THAT IT IS TO MEAN THAT THESE ARE BUSINESS INCOME AND REMUNERATION AND INTEREST WITHIN THE LIMIT OF SECTION 40(b)
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