20 December 2013
Dear Sir/madam for computing gross total income, is salary received by partner from partnership firm is adjusted by other business loss carried by partner because of partner salary charge ability section 28.
20 December 2013
actually salary rcvd by partner is taxable u/s 28 i.e. PGBP. It is considered as business income. Hence whatever provisions are of sett off-c/f is apply to here. Other business loss can be set off against such income provided it is not speculative business income.
CAclubindia
