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Partners remuneration and interest

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(Querist)
07 October 2011 For a Partnership firm can we claim Partner remuneration and interest in section "Any other amount allowable as deduction".
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CA Ankit Verma

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CA Ankit Verma (Expert)
07 October 2011 No...

It has to be claimed after applying conditions of Sec 40(b) & 40(ba) under seperate heads,
"Remuneration to partners" & "Interest to partners" respectively.

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