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        Section 70 - Substitution of new section for section 185

        Finance Act, 2003
        Chapter III
        DIRECT TAXES

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        Noncompliance with partner-payment reporting: disallowance of deductions for partner payments and exclusion from partner-level taxation. Failure to comply with the partner-payment reporting requirements mandates that no deduction be allowed for any payment of interest, salary, bonus, commission or remuneration to any partner in computing business income, and such payments shall not be chargeable to tax under the income head applicable to those receipts.
                          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.

                              Noncompliance with partner-payment reporting: disallowance of deductions for partner payments and exclusion from partner-level taxation.

                              Failure to comply with the partner-payment reporting requirements mandates that no deduction be allowed for any payment of interest, salary, bonus, commission or remuneration to any partner in computing business income, and such payments shall not be chargeable to tax under the income head applicable to those receipts.


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