Partnership Firm
This query is : Resolved
05 March 2009
If a firm is started from 1.4.2007 but deed is executed on 25.3.2008 then what is impact on the firm in regard to allowability of Interest and Remuneration ( Sec 184 and 185 of the Income Tax Act)
05 March 2009
Interest from 1/4/2007 to 24/3/2008 will not be allowed since section 40(b)(iv) is applicable for any period falling after the date of the partnership deed.
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