Interest income from firm of partners
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 December 2015
whether interest income from firm is Taxable income of partner while computing taxable income.
27 December 2015
Yes taxable under the Income tax Act,1961.
28 December 2015
Yes it is taxable under section 28.. however only that portion of Income will be taxable in the hands of partners which are allowed as expenses in under section 40(b) while computing income of the firm.
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