Payment of interest, salary etc. made by AOP to its members - (New) Section 35(f) / (Old) Section 40(ba)

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....BOI to its members in the following form is NOT allowed as a deduction while computing taxable income under the head "Profits and gains of business or profession" • interest • salary • bonus • commission • remuneration (by any name) This clause does not apply on following Entity • a company, or • a c....

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.... capacity transactions • shall be applicable in respect of interest paid to or received from, an individual in his capacity as a representative member and, the person so represented; • (C) Payments benefiting another person (indirect) • shall not be applicable in respect of interest paid to a member, otherwise than as representative member, on behalf or for t....