Presumptive income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 August 2014
While calculating pgbp income as a 8% on turnover,why salary&interest paid to partners is allowed as a expenditure?
Nikhil Kaushik
(Expert)
15 August 2014
well most probably because the salary and interest so paid is again taxed in partner's individual returns whereas for proprietorship the profit so derived is final and any further deduction is accounted for drawing and not available to further taxation
Rupesh Jain
(Expert)
16 August 2014
it is not expenditure but appropriation of profit under the limit mention in law.
and also it is taxable in hand of partner as business income.
and also it is taxable in hand of partner as business income.
25 August 2014
agreed with nikhil......................
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