Interest and remuneration paid to partner maximum allowable
This query is : Resolved
10 March 2014
in case partnership firm we have file the return u/s 44AD for the A.y. 2013-14 turnover is 5079366 and profit is 416556. whether interest and remuneration paid to partner is allowed or not u/s 40(b)of income tax act 1961?
10 March 2014
in such case u have been deemed that u have got the deduction u/s 40(b)..so no seperate deduction allowd
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