Salary received by a Partner from firm is taxable u/s 28 under the head Profit and Gains fron Business or Profession.
The question is Can the Partner claim expenses under sec 37 for the above income????
If not Why???
Himansu Sekhar Pati (Learner) (26 Points)
07 July 2012Salary received by a Partner from firm is taxable u/s 28 under the head Profit and Gains fron Business or Profession.
The question is Can the Partner claim expenses under sec 37 for the above income????
If not Why???
CA Gaurav Choradia
(Relationship Manager )
(418 Points)
Replied 07 July 2012
Yes partner can claim expense against salary received from Partnership firm because it cover u/s 28 and sec 37 dosen't disallow any expediture incurred against salary from partnership.
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
