PARTNERS' REMUNERATION:
This query is : Resolved
16 June 2010
AS PER ONE OF THE CONDITIONS OF THE SECTION 40(b) THAT ANY REMUNERATION PAID TO PARTNER PRIOR TO THE PARTNERSHIP DEED CAN NOT BE ALLOWED AS DEDUCTION U/S 40(b).WHETHER THIS EXPENDITURE CAN BE CLAIMED U/S 35D AS PRELIMINARY EXPENDITURE ON FULFILLMENT OF CONDITIONS THEREOF?
17 June 2010
We have a different law for both partnership and companies.
17 June 2010
The remuneration prior to tha date of partnership deed same cannot be allowed as a deduction at all from business income
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