Partners remuneration

This query is : Resolved

Guest

Guest (Querist)

01 February 2011 Should interest to partners which is 12% on their capital be deducted from the profit beore calculating their remuneration as per Income Tax Act 1961

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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01 February 2011 Yes, if firm satifies condition laid down in section 184 of the IT ACT

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