I am a partner in Partnership Firm. Profit of the firm is distributed as per the provisions of Income Tax Law. So the Salary is 60% of profit above Rs. 270000/-
Now Can i Claim Standard Deduction on this Salary ? We are not claiming it currently.
Secondly the Gujarat State Professional Tax has given notice... That i pay professional tax for all partners as i am claiming salary.
Please instruct accordingly. One department ie. Income Tax Says you cannot claim deduction as this is business income and the other department says you need to pay professional tax as this is salary.