PARTNERSHIP FIRM DEDUCTION IN INCOME TAX

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This discussion clarifies the tax deductions available to partnership firms for the Assessment Year 2020-21. It confirms that partnership firms are not eligible for deductions under Section 80C. However, they can claim deductions for expenses like salaries paid to partners, remuneration, and interest.

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(Querist)
23 December 2020 DEAR SIR
I WANT TO KNOW WHICH DEDUCTION I TAKE IN PARTNER SHIP FILLING INCOME TAX RETURN A.Y. 2020-21 PLEASE TELL ME
THANKS
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
27 December 2020 PARTNERSHIP FIRM WILL NOT GET ANY DEDUCTION BENIFIT UNDER 80C
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
02 October 2021 No other deduction a firm can claim other than salary to partners, remuneration & interest paid etc...
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