Hi Fraiends,
I want to ask a simple Query to You,
One of Our Client which is a Registered partnership Firm Recently Faced a Scrutiny Assessment u/s. 143 of Income Tax Act,1961. In This Scrutiny The Income of the Firm Incresed by Rupees 6,00,000 and on that they have to pay Tax
My Question is Wheather The Firm Can Pay Remuneration from this Assessed Income u/s143 so that Tax and Interest Burden Thereon can be Minimised
Please Suggest me With the Supporing case Laws
Please Please Please
Intimation u/s. 143(1) is not deemed to be completion of assessment and hence return can be revised even after receipt of intimation u/s. 143(1). Return can be revised for any omission or wrong statement in the original return filed.
Dear Atul,
If you use the assessed income for any other purpose like payment of remuneration, buying assets etc you have to pay penalty @ 300%. If it was already paid you may use the same for any purpose.
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