Association of persons or body of individuals or artificial juridical person formed for a particular event or purpose - Income Tax Bill, 2025 - Old Version
Association of persons or body of individuals or artificial juridical person formed for a particular event or purpose - Income Tax Bill, 2025 - Old Version
Non-deductibility of partner payments: firm cannot claim partner remuneration deductions and partners not taxed on those amounts. Clause 326 provides that if a partnership firm fails to comply with the prescribed rules for partner payments, the firm may not deduct payments to ... Summary
Non-deductibility of partner payments: firm cannot claim partner remuneration deductions and partners not taxed on those amounts.
Clause 326 provides that if a partnership firm fails to comply with the prescribed rules for partner payments, the firm may not deduct payments to partners described as interest, salary, bonus, commission or remuneration in computing business income, and those payments shall not be chargeable to tax in the hands of the partners.
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