04 September 2010
1. book profit for salary interest not to be added back. 2. yes 3. No. Only if the same is to be disallowed to be reported. It will form part of 40A(2)(b) parties.
04 September 2010
(i) No need to add back interest on capital for calculating Book Profit. (ii) Yes, if partnership deed provides such clause clearly. (iii) only reporting of dis-allowances under section 40A(2)(b) shall be made in tax audit report.
04 September 2010
I think only disallowance u/s 40(b) if any to be stated under clause 17(g) only and any amount paid to persons covered under section 40A(2)(b) to be reported even if the same is not disallowable under that section under clause 18.
Only while preparing ITR the amount of disallowance u/s 40A(2)(b) needs to be stated and not amount paid.