How is the total income of a firm computed under Income Tax Act?when is a partnership firm assessed as a firm?
Answers
Answered by
1
Answer:
Salary, Bonus, Commission or remuneration (by whatever name called) paid /payable to partners is allowed as deduction to the firm and same will be taxable in the hand of partners. These expenses are allowed as deduction subject to certain restriction under the Income Tax Act, 1961.
Similar questions