Sec 40(b)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 October 2013 Survey of the business premises was conducted by the I.T. Authorities. During the course of survey certain loose paper & excess was found and to avoid the litigation the assessee surrendered the income of Rs. 100 lakhs.

Now please advice us whether remuneration to partners would be be allowed out of surrendered income & if yes, how advance tax to be computed and be deposited

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 October 2013 Surrendered income has to be assessed separately as 'deemed income' against that remuneration to working partners cannot be claimed.

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Sec 40(b)

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