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Income Tax - Highlights / Catch Notes

Home Highlights October 2015 Year 2015 This

Disallowance u/s 40b(v)(2) - remuneration to partners was ...

Income Tax

October 7, 2015

Disallowance u/s 40b(v)(2) - remuneration to partners was determined as per the book profit shown in profit and loss account including interest from bank FDRs and income from other sources - claim of deduction allowed - AT

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  1. The interest income cannot notionally be excluded for the purpose of determining the allowable deduction of remuneration paid to the partners under Section 40b - AT

  2. Remuneration to partners – Interest income though taxable under the head income from other sources, to be included in book profit for computation of remuneration…Tri.

  3. Remuneration to partners – Interest income though taxable under income from other sources, to be included in book profit for computation of remuneration..AT

  4. Best judgment assessment - Order of ITAT modified for determining the profit rate @ 8% instead of 12.5% on gross contract receipt subject to allowing depreciation,...

  5. Real estate agent / booking agent - Difference between commission as per TDS certificate and commission as shown in the profit and loss account. - AT

  6. Disallowance of remuneration paid to working partners - instead of specified remuneration in the partnership deed, it is linked to provisions of section 40(b)(v) income...

  7. Determination of remuneration paid to partner - working / retiring partner - the firm has incorporated the terms of section 40(b), providing for the maximum amount of...

  8. Partner’s remuneration u/s 40(b) - The manner of computing the remuneration is not specified - the remuneration payable is left to future mutual agreement between the...

  9. Computation of salary of partners u/s 40(b)(v) – Even if the income from other sources is included in the profit and loss accounts to ascertain the net profit qua...

  10. Remuneration to partners has to be computed on the basis of the book profit declared by the assessee subject to the conditions prescribed u/s. 40(b) of the Act -...

 

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