https://www.taxtmi.com/circulars?id=61575 Assessing Officers must cross verify firm expenditures like interest on capital and partner remuneration with partners' returns and obtain the partnership deed to ensure payments are authorised and relate to periods after the deed. Interest and remuneration must be computed and allowed strictly in accordance with the partnership deed and limited by the aggregate ceiling based on book profit, excluding non business income. AOs should enforce compliance that can deny deductions, prevent profit inflation for preferential deductions, verify carry forward claims on change of constitution, and use tax audit reports effectively. en-us Wed, 19 Jun 2019 00:00:00 +0530 Thu, 20 Jun 2019 18:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=61575 Assessing Officers must cross verify firm expenditures like interest on capital and partner remuneration with partners' returns and obtain the partnership deed to ensure payments are authorised and relate to periods after the deed. Interest and remuneration must be computed and allowed strictly in accordance with the partnership deed and limited by the aggregate ceiling based on book profit, excluding non business income. AOs should enforce compliance that can deny deductions, prevent profit inflation for preferential deductions, verify carry forward claims on change of constitution, and use tax audit reports effectively. Circulars Income Tax Wed, 19 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/circulars?id=61575