Partners salary & interest.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 November 2012
salary paid to partners & interest on capital is being treated as business income in partners computation.
Can it be treated under the head salary & interest in the computation of partners individual income.
Can it be treated under the head salary & interest in the computation of partners individual income.
19 November 2012
Section 28 clearly provides that income by way of remuneration from partnership firm shall be taxable as BUSINESS INCOME in the hands of the partners.
Accordingly, it CANNOT be shown as salary.
Accordingly, it CANNOT be shown as salary.
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