Deductions from estimated income - Depreciation should be ...

Income Tax

October 17, 2016

Deductions from estimated income - Depreciation should be excluded but the interest and remuneration to working partners are allowable as deduction as it does not fall under section 30 to 38 of the Act - AT

View Source

← Previous Next →

Deductions from estimated income - Depreciation should be ...

Income Tax

October 17, 2016

You may also like:

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

Rejection of book result u/s 145(3) - estimation of income - Deduction of depreciation from the estimated income - Depreciation should be allowable being statutory...

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...

Deduction of expenditure u/s 40(b) of salary and interest to partners - estimate of net profit rate of 2% shall be deemed to take into consideration all allowable...

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...

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,...

Deduction of remuneration paid to the partners u/s 40(b) - The interest income cannot be notionally be excluded for the purpose of determining the allowable of deduction...

Income on account of interest treated as income from other sources – Disallowance of remuneration to partners from interest income - deduction allowed considering as...

Escapement of income - works contract - A.O. directed to estimate net profit of 10% on main contract works and 7% on sub contract works, net of all expenditure including...

Payment of remuneration and interest by the assessee firm to its partners - once the income was estimated at 15 of the gross commission amount by invoking the provisions...

Quick Updates: