No Deductions for Partner Payments: Interest, Salary, Bonus Disallowed u/ss 40b(IV), 40b(V), 184(5) 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

....Deduction of interest and salary paid to partners u/s 40b (IV) and 40 b(V) - order u/s 144 - The provisions of section 184(5) of the Act is very clear and according to which no further deduction can be allowed by way of any payment of interest, salary, bonus, commission or remuneration, by whatever name called, made to any partner of such firm - AT....