Menu
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...
Recent Threads
- Login credentials and payment acknowledgement not
- Export sales not realised payment not received fro
- Capital gain account amount utilisation
- Form 26QB – Section 194-IA: TDS on Full Cons
- Indexation Benefit available or not on Calculation
- Documents for return exhibition material
- Can I set off equity losses(both short term loss a
- Input tax credit on rent to rent
- Family Pension Army
- Waste Management services
Related Threads
CAclubindia
