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Income tax paid by partnership firm
whether deductions for tax paid by partnership firm on its income is allowable deductions or not..???
Replies (7)
No it is not allowed as deduction. Anykind of Income Tax paid by assessee is not allowed as deductions
thanks sir for your valuable reply...
No...
The Tax Paid amount not on expense. It's accountable in Partners current Account as Drawing.
The Tax Paid amount not on expense. It's accountable in Partners current Account as Drawing.
40 (a)(ii) Dissallowance of Income Tax
as per 40a(ii), it's not allowed
then what will be it's accounting treatment in hands of partnership firm....???
Account in Partners current Account...
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