Income tax paid by partnership firm

Nilesh Rathore (indore) (96 Points)

12 September 2018

whether deductions for tax paid by partnership firm on its income is allowable deductions or not..???

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Sahil Jain (FAFD, DISA, CA) (Practicing Chartered Accountant ) (2476 Points)
Replied 12 September 2018

No it is not allowed as deduction. Anykind of Income Tax paid by assessee is not allowed as deductions

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Nilesh Rathore (indore) (96 Points)
Replied 12 September 2018

thanks sir for your valuable reply...

RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 12 September 2018

No...
The Tax Paid amount not on expense. It's accountable in Partners current Account as Drawing.

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Anurag lohiya (Bara bazar) (262 Points)
Replied 12 September 2018

40 (a)(ii) Dissallowance of Income Tax

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rama krishnan (12244 Points)
Replied 12 September 2018

as per 40a(ii), it's not allowed

Nilesh Rathore (indore) (96 Points)
Replied 15 September 2018

then what will be it's accounting treatment in hands of partnership firm....???

RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 15 September 2018

Account in Partners current Account...

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