Section 40(b) Income Tax: Deducting Salary and Interest Paid to Partners with a 2% Net Profit Rate Consideration.

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Full Text of the Document

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....Deduction of expenditure u/s 40(b) of salary and interest to partners - estimate of net profit rate of 2% shall be deemed to take into consideration all allowable deductions available to the assessee in the form of depreciation interest and remuneration to the partners and all other expenditures claimed in the P & L account - AT....