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salary & interest to partners

This query is : Resolved 
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(Querist)
08 July 2010 professinal partnership firm maintains books of accounts on cash system . let me know whether salary & interest on capital credited to partners & not paid in actual whether allwed as deduction u/s 40(b) of IT act
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Akhil Agrawal

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Akhil Agrawal (Expert)
08 July 2010 Yes Will be alloowed as Business or Profession does not tlk abt the Method of accounting that has been followed
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
08 July 2010 Yes it will be allowable as the deduction is allowable u/s 40(b).
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