EXPENDITURE U/S 35AC, Income Tax

[Dhananjay Vishwakarma]

IF ASSESSEE IS PARTNER IN A FIRM AND HE IS RECEIVING REMUNERATION AND INTEREST. IN THIS CASE ITR 3 I APPLICABLE BUT ASSESSEE EXPS U/S 35AC ALLOW OR NOT. PLS FORWARD ME CASE LOW IN THIS CASE

Posts / Replies

[Mukesh Kumar]

There is not restriction u/s 35AC to allow deduction in case of partner out of remuneration or interest from partnership firm. I think you can claim the benefit of exemption under section 35AC if you satisfy the conditions of this section.