Interest on loan from partners allowed as deduction ..??
n if not why ??
1. As per section 40(b) only that salary, remuneration, bonus, commission etc payable to working partners or any payment of interest payable to any partner will be allowed as deduction only if it is authorized by the partnership deed. If the partnership deed does not contain such provisions then the deductions may be disallowed if the same is claimed by the partnership firm.
2. Same not allowed when firm assessed under presumptive scheme.
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