However, if these schemes claimed, then we cannot claimed deductions for partners salary and interest
Suppose a Partnership firm has turnover of 80 lacs ( 20 lacs cash rest in bank)
What is its business Income
How much Income tax he is payable by it?
Can it pay Interest and Salary to Partners to reduce its tax liability?
Yes in f.Y 2015-16
If we are claiming 8%,6% profit ,we cannot claim deductions for different expenses under Section 30 to 38.
But we can claim other deduction like Section 40 (b) Deduction for partners.
No from F.Y 2016-17 onwards till date
If we are claiming 8%,6% profit ,we cannot claim deductions under Section 30 to 38.
and we also cannot claim other deduction like Section 40 (b) Deduction for partners.