05 January 2015
Interest on capital, salary, remuneration by whatever name called is taxable in the hands of partners only and allowable as deductible expense in the hands of partnership firm subject to provisions of section 40(b).
05 January 2015
It is not salary but share of profit from partnership firm which is exempt u/s 10(2). Salary is always taxable in the hands of partners.
06 January 2015
Shri Gupta ji, in his previous reply he has written the word 'salary' now he appears to have modified his reply. Anyway I am not in the business of highlighting any body's mistake I was just attempting to correct him.
Please refrain from making any offending comment against any body unless you know entire thing.
07 January 2015
Abhishek JI..Extremely sorry. I just wanted you to point out that Tushar has changed his reply after seeing your reply which is very bad. It gives wrong impression to everyone who see reply afterwards. I was aware that you were correct and Tushar changed his reply, which he has done many times. Just wanted to know from you. Thanks for throwing light.
Tushar i again request you to accept your mistake rather then simply modify your reply which gives a wrong impression for the expert who corrects you. Everyone who sees reply of Abhishek ji will be wondering why he gave such a reply. Please learn to accept mistake.
07 January 2015
Experts should avoid modifying the replies if any one point out his mistakes,It is not fair in modification after pointed by some one ,
instead one may reply again accepting the mistake
other wise reply of the person who have corrected the wrong replies looks irrelevant.
CAclubindia
