suresh v (chartered accountant) (51 Points)
16 September 2010sir
A partnership firm not filed their Income tax return for the last three years ,can they claim interst on capital and partners remuneration U/s 40(b) of Income act.
Whether its admissible deduction ?
can we file return in the last three years after claim interest capital and remuneration?
kindly refer section 144 and 184(5) and reply
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 16 September 2010
Dear Suresh,
under sec 40(b), certain conditions are prescribed, which have to be fulfilled in order to get deduction. But, nowhere in that section, it is mentioned that return for previous years are to be filed in order to get deduction. So there is no bar on the firm to claim deduction
Member
(Management)
(325 Points)
Replied 17 September 2010
The claim depends on the partnership deed and the amounts that have been debited in the books of accounts. Filing of returns or otherwise has no effect.
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