if a partner receives interest on capital @ 15% rs.300000 ....what amount will be taxable to him under the head B.P?
sudhakar ca cwa
(service)
(1518 Points)
Replied 28 September 2010
for partnesrship firm - 300000/15*12 = 240000is allowed as deduction and remaining amount is not allowed.
for partner - Rs, 240000/- is taxble amount (i am sure it is correct but just consult others also in this) and remaining Rs. 60000/- is not taxable.
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