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allowable deduction

This query is : Resolved 
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(Querist)
26 May 2009 in case of a partnership firm salary , interest, remuneration to partner is it a allowed expense shown in P&L a/c
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chetan soni

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chetan soni (Expert)
26 May 2009 Yes, you can show that in P&L A/c.
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Manikanta Raju CA,CWA,(CS)

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Manikanta Raju CA,CWA,(CS) (Expert)
26 May 2009 From tax point of view,
in case of computation of book profit,
1)interest is allowed as business expenditure subject to a maximum of 12%
and the clause for providing interest must be in the patner ship deed
2)Remuneration is allowed only for woking partners and subject to certain limits refer 40b of IT act, it must also supported by deed
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Gayathri Devi

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Gayathri Devi (Expert)
26 May 2009 ya it s allowable u/s 40(b)
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