Remuneration to Retiring Partner

[harika vyshu]

Is Remuneration Paid to Retiring Partner is allowed as Deduction Under Section 40b of Income tax Act?

AI Summary

Does Remuneration to Retiring Partner Qualify as Deductible Expense Under Section 40b of Income Tax Act? A participant inquired whether remuneration paid to a retiring partner qualifies as a deductible expense under Section 40b of the Income Tax Act. The discussion focuses on the tax implications and the eligibility criteria for such deductions, seeking clarity on whether these payments meet the necessary legal requirements for tax deduction purposes.