Partner Salaries Must Include Other Income Sources in Net Profit Calculations u/s 40(b)(v) of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Computation of salary of partners u/s 40(b)(v) – Even if the income from other sources is included in the profit and loss accounts to ascertain the net profit qua book-profit for computation of the remuneration of the partners the same cannot be discarded. - AT....