23 July 2013
Dear Sir/Madam, Kindly let me know whether section 35D is applicable to a partnership firm? In the books i read that "It is applicable to an Indian company or any other assessee resident in India". so as per the above lines, it should be applicable to a firm, but few of my friends are suggesting that it will not apply to a firm. Kindly confirm.
26 July 2013
35D applies on a resident assessee.There is no exclusion of a partnership firm.So it is available for firm. There is a difference in treating the expenditure for company & a firm.
CAclubindia
