Scrutiny assessment - please help - urgent
This query is : Resolved
18 April 2016
Dear Experts
Assesee, a partnership firm is selected for Scrutiny Assesment. Additions of Rs 5 lakhs as income is made to the firm by the assesing officer which is accepted by the firm.
My question is whether the firm has to pay taxes at 30% flat on Rs 5 lakhs additions or Can the firm apportion the profit as salary to partners and then pay tax on balance amount?
Assesee, a partnership firm is selected for Scrutiny Assesment. Additions of Rs 5 lakhs as income is made to the firm by the assesing officer which is accepted by the firm.
My question is whether the firm has to pay taxes at 30% flat on Rs 5 lakhs additions or Can the firm apportion the profit as salary to partners and then pay tax on balance amount?
18 April 2016
To pay tax @ 30% on the agreed addition.
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