Allowability of Partner's remuneration u/s 40(b)
This query is : Resolved
07 May 2010
Whether an assesse being a partnership firm having nil book profit as per profit & loss A/c after providing for partner's remuneration of Rs.49670/- can cliam such partner's Salary/remuneration entirely while computing taxable income of firm by virtue of section 40(b) of I.T. Act.
07 May 2010
Yes it is possible
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