Salaries: income includes amounts due, paid or allowed, and arrears, while partner draws are excluded from salary. Salaries are taxable where due, paid or allowed in the previous year, or where arrears are paid or allowed if not earlier charged; advance salary already ... Summary
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Salaries: income includes amounts due, paid or allowed, and arrears, while partner draws are excluded from salary.
Salaries are taxable where due, paid or allowed in the previous year, or where arrears are paid or allowed if not earlier charged; advance salary already included in income is not taxed again when due; partner remuneration from the firm is not regarded as salary for this purpose.
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