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Issue ID: 3658
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TAXATION OF PARTNERS INCOME

Date 19 Dec 2011
Replies 1 Reply
Views 1182 Views
Asked by
Business income: expenses incurred for the purpose of the business, including a partner's driver salary, are deductible.
A partner's salary and interest from a partnership firm are treated as income from business/profession; expenses incurred for the purpose of the business, including a driver's salary where expended wholly and exclusively for business purposes related to the partnership activity, are allowable deductions against that income. (AI Summary)

A PARTNER OF A PARTNERSHIP FIRM, CLAIMS PERSONAL DRIVERS SALARY AS DEDUCTION

FROM HIS SALARY AND INTEREST ON CAPITAL .IS IT AN ALLOWABLE EXPENSE?

Income Tax
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Replied on Jan 3, 2012
1.

the salary and interest from partnership firm is an income from Profession/Business.So any expense including Driver's salary which is for the purpose of the Business is an allowable deduction.
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