A partner in a firm gets a salary of Rs.10 lacs. He uses his car for going to firms office. The firm is not willing to pay car expenses and the partner pays out of his pocket (out of his salary from firm). My question is whether the partner can claim the car expenses as a deduction from partners salary....and i also want to know what are all the expenses that can be shown as a deduction from partners salary...please help...its urgent
4 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 02 August 2013
The Partner's Remuneration shall be taxable under the head Profit and Gains from Business / Profession.
Therefore, the expenses incurred by the assessee for earning the Remuneration shall be allowed as deduction from the Remuneration earned by him.
Hence, the Car expenses can be claimed as deduction from the Remuneration.
Regards,
Devendra Kulkarni
Tara Khandelwal
(Student CA Final )
(298 Points)
Replied 02 August 2013
Thanks for your reply...could you please provide me with the section
Devendra
(Chartered Accountant)
(4775 Points)
Replied 02 August 2013
Refer Section 40(b) of the Income Tax Act, 1961.
Tara Khandelwal
(Student CA Final )
(298 Points)
Replied 02 August 2013
@ Devendra .....please provide me references to any case law connecting with the above query
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