Deduction of expenditure u/s 40(b) of salary and interest to ...

Case Laws Income Tax

September 16, 2013

Deduction of expenditure u/s 40(b) of salary and interest to partners - estimate of net profit rate of 2% shall be deemed to take into consideration all allowable deductions available to the assessee in the form of depreciation interest and remuneration to the partners and all other expenditures claimed in the P & L account - AT

View Source

← Previous Next →

Deduction of expenditure u/s 40(b) of salary and interest to ...

Case Laws Income Tax

September 16, 2013

You may also like:

Disallowance u/s 40(a)(ia) - Rejection of books of accounts - Once x net profit is estimated by applying net profit rate after rejecting the book results, no...

Escapement of income - works contract - A.O. directed to estimate net profit of 10% on main contract works and 7% on sub contract works, net of all expenditure including...

The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

Deduction of interest and salary paid to partners u/s 40b (IV) and 40 b(V) - order u/s 144 - The provisions of section 184(5) of the Act is very clear and according to...

Computation of salary of partners u/s 40(b)(v) – Even if the income from other sources is included in the profit and loss accounts to ascertain the net profit qua...

Interest on capital paid to the partner - payment of interest by the two partnership firms towards use of partners’ capital - Expenditure incurred on account of...

Profit estimation on unaccounted turnover: AO estimated 8% profit based on seized material, which was reduced to 5% by CIT(A). ITAT held that in case of profit...

The Appellate Tribunal addressed the issue of estimation of income and rejection of duly audited books of accounts of the assessee firm u/s 145(3) of the Act. It held...

Allowance of depreciation and partners salary etc. from estimated income applying the provisions of Section 44AD - AO is directed to allow the salary and interest paid...

Allowable deduction of remuneration paid to the partners u/s 40(b) - selection of the any head of income, more particularly of the head "Profit or gain of business or...

Claim of deduction u/s 40(b) from undisclosed income surrendered during survey - Salary / Remunaration of partners - the tax rate specified u/s. 115BBE for assessment...

TDS u/s 192 - commission paid to partner - considering the provisions of Explanation 2 to Section 15 of the Act which includes salary, bonus, commission or remuneration...

Deduction u/s 80-IC in respect of the amount added back under Section 40(a)(ia) - even if the expenditure is disallowed u/s.40(a)(i) of the Act, the result will be that...

Salary to partners u/s 40(b) - such individual is not a partner of the assessee-firm in his individual capacity but he is a partner in the capacity of representative of...

Estimated profit u/s 44AD - remuneration to partners - the statute itself in section 44AD of the Act, allowed separate deductions towards interest on capital accounts...

Quick Updates: