Income from Business or Profession
This query is : Resolved
24 March 2011
Dear Expers,
Please tell,
interest and remuneration received from partnership firm is taxable for that partner and it is deductible for firm ?
If firm have disallowed this expenses through add-back process, then it is required to mention this in partners return ?
I think if mentioned, there is twice payment of tax for interest and remuneration portion
thank you
Please tell,
interest and remuneration received from partnership firm is taxable for that partner and it is deductible for firm ?
If firm have disallowed this expenses through add-back process, then it is required to mention this in partners return ?
I think if mentioned, there is twice payment of tax for interest and remuneration portion
thank you
24 March 2011
Hi,
To the extent it is added back to the Firm's Income , the same shall not be treated as Income of the Partner.
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
To the extent it is added back to the Firm's Income , the same shall not be treated as Income of the Partner.
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
24 March 2011
what is correct procedure for this.it's really required to add back ?
24 March 2011
Hi,
As per Sec 40b the excess amount needs to be disallowed i.e. needs to be added back to the Partnership Firm.
Once that is Done, to the extent of the Amount of Expenditure allowed to the Partnership firm shall become the Income of the Partner regardless of How much was Actually paid to Such Partner/s
Thank You,
Regards
CA. Lohith.J
B.Com,ACA,CS(ICWA),SAPM Hons,ITF Hons
As per Sec 40b the excess amount needs to be disallowed i.e. needs to be added back to the Partnership Firm.
Once that is Done, to the extent of the Amount of Expenditure allowed to the Partnership firm shall become the Income of the Partner regardless of How much was Actually paid to Such Partner/s
Thank You,
Regards
CA. Lohith.J
B.Com,ACA,CS(ICWA),SAPM Hons,ITF Hons
25 March 2011
thank you sir ....
26 March 2011
Hi,
You are Welcome
If you have any issues, please do join my community " Lo Aca " so that there are other partners of mine who would be able to assist you to resolve your doubts.
Thank You,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
You are Welcome
If you have any issues, please do join my community " Lo Aca " so that there are other partners of mine who would be able to assist you to resolve your doubts.
Thank You,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
26 March 2011
Dear Lohit Jagadeesh sir, I have joined this community, thank you for this.
26 March 2011
Hi,
Thanks for Joining the Community
Thank You,
Regards
CA. Lohith.J
B.Com,ACA,CS(ICWA),SAPM Hons,ITF Hons
Thanks for Joining the Community
Thank You,
Regards
CA. Lohith.J
B.Com,ACA,CS(ICWA),SAPM Hons,ITF Hons
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