allowable deduction
This query is : Resolved
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
chetan soni
(Expert)
26 May 2009
Yes, you can show that in P&L A/c.
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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
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
(Expert)
26 May 2009
ya it s allowable u/s 40(b)
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