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

AI Summary

Partners Can Claim Deductions Under Section 35AC for Remuneration and Interest if Conditions Are Met A query was raised regarding whether a partner in a firm, who receives remuneration and interest, can claim deductions under Section 35AC of the Income Tax Act using ITR 3. The response clarified that there is no restriction under Section 35AC that prevents a partner from claiming deductions on remuneration or interest received from a partnership firm, provided the conditions of the section are met.