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

Nikhil Kaushik (Expert)
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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

Rupesh Jain (Expert)
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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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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25 August 2014 agreed with nikhil......................

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