Deductibility under section 44AD: firms may deduct partners' salary and interest, subject to section 40(b) limits. The amendment permits deduction of salary and interest paid to partners from income computed under the presumptive taxation provision, subject to the conditions and limits specified in clause (b) governing partner remuneration, with the proviso treated as having retrospective effect; it also omits a previously existing subsection.
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Provisions expressly mentioned in the judgment/order text.
Deductibility under section 44AD: firms may deduct partners' salary and interest, subject to section 40(b) limits.
The amendment permits deduction of salary and interest paid to partners from income computed under the presumptive taxation provision, subject to the conditions and limits specified in clause (b) governing partner remuneration, with the proviso treated as having retrospective effect; it also omits a previously existing subsection.
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