Deduction availablae for partnership firm
This query is : Resolved
30 September 2012
Respected Experts,
Can any one specify that what are the deduction available for Partnership Firm under income tax act.
Thanks
Can any one specify that what are the deduction available for Partnership Firm under income tax act.
Thanks
01 October 2012
A partnership firm carrying on business /profession normally gets all the deduction available to any assessee other than a partnership firm. Apart from this the firm also gets deductions u/s 40b of the I.T Act for interest on capital paid to partners and remuneration paid to partners subject to restrictions/conditions contained therein.
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