Dear Experts,
Request to guide me to solve the issue.
My client a partnership firm reported loss for the FY 2014-15. Say Rs.50000/-
They have considered salary for partner which is more than the loss reproted i.e RS.1,00,000/-
While computing Income Tax for AY 2015-16 whether the salary to partner is to be treated as expense and report loss or should the partners salary excluded from expense and report a profit and remit the due tax.
Regards
Prakash - NP