Please help
This query is : Resolved
15 November 2014
if any expenditure is disallowed in firm's income, what it would result on individual partner income
16 November 2014
See if the expense is disallowed than it shall result into higher income and consequently higher tax payout in the hands of firm. So far as partner is concerned, share of profit is already exempt in his hands, so even if there will be higher share of profit it will not make any change in the hands of partners.
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