Deductibility of partner salary and interest from presumptive income under 44AE permitted, subject to section 40(b) limits. Amendment permits deductibility of partner salary and interest from income computed under section 44AE, subject to the conditions and limits in clause (b) of section 40 and deemed effective from the first day of April, 1994; subsection (6) of section 44AE is omitted.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deductibility of partner salary and interest from presumptive income under 44AE permitted, subject to section 40(b) limits.
Amendment permits deductibility of partner salary and interest from income computed under section 44AE, subject to the conditions and limits in clause (b) of section 40 and deemed effective from the first day of April, 1994; subsection (6) of section 44AE is omitted.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.