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Income Tax - Highlights / Catch Notes

Home Highlights August 2012 Year 2012 This

Excessive claim of deduction of partners’ remuneration - for the ...

Income Tax

August 5, 2012

Excessive claim of deduction of partners’ remuneration - for the purpose of Section 40(b)(v) read with Explanation there cannot be separate method of accounting for ascertaining net profit and/or book-profit - Tri

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  1. 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...

  2. 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...

  3. 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...

  4. Remuneration to partners - where the partner is working partners and remuneration provided is within the limits prescribed u/s 40(b)(v), AO cannot disallow any part of...

  5. 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

  6. Claim of deduction on business expenses incurred for earning remuneration from the firm - assessee a qualified Chartered Accountant was a partner in two firms -...

  7. Determination of remuneration to partners u/s 40(b) - Interest income earned on the FDR of surplus funds cannot be considered as part of the income of the business - HC

  8. Payment of Remuneration Working partner allowed by Tribunal - Manner of quantification in the partnership deed - Section 40(b) - HC

  9. Remuneration to partners - Deduction u/s 40(b) - whole income embedded in P & L account of assessee is to be taken into consideration for allowing deduction of...

  10. Deduction of Partner’s Remuneration from additional Business Income surrendered during survey u/a 133A - there is no restriction - claim allowed - AT

 

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