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
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
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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