EXP. INCURRED BY PARTNERSHIP FIRM FOR ITS PARTNERS
This query is : Resolved
anshulmarele (Indore)
(Querist)
12 March 2011
DOES EXPENSES INCURRED BY PARTNERSHIP FIRM FOR ITS PARTNERS ARE ALLOWABLE FOR THE PURPOSE OF INCOME TAX CALCULATION?
CA PARAS BAFNA
(Expert)
12 March 2011
Expenses incurred by the firm for or on behalf of the partner are personal expenses of partner and can not be treated as business expenses of the firm, hence such expenses are not allowable in the case of firm.
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