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Income Tax - Highlights / Catch Notes

Home Highlights July 2019 Year 2019 This

Payment made to retiring partner and legal heirs of the deceased ...

Income Tax

July 4, 2019

Payment made to retiring partner and legal heirs of the deceased - as per terms of the agreement the payment were to be set-aside at the threshold from the receipts of the firm and will not reach the hands of the other partners of the firm and, therefore, cannot be treated as income of the firm who has merely acted as a pass through entity for this payment.

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