EXPENDITURE U/S 35AC

[Dhananjay Vishwakarma]

IF ASSESSEE IS PARTNER IN A FIRM AND HE IS RECEIVING REMUNERATION AND INTEREST. IN THIS CASE ITR 3 I APPLICABLE BUT ASSESSEE EXPS U/S 35AC ALLOW OR NOT. PLS FORWARD ME CASE LOW IN THIS CASE

[Mukesh Kumar]

There is not restriction u/s 35AC to allow deduction in case of partner out of remuneration or interest from partnership firm. I think you can claim the benefit of exemption under section 35AC if you satisfy the conditions of this section.

AI Summary

Deduction under section 35AC permitted where partner receives remuneration and interest, subject to statutory conditions. A partner who receives remuneration and interest is not precluded from claiming a deduction under section 35AC; the deduction is available only if the assessee satisfies the conditions and eligibility criteria prescribed by the section.