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Question ID : 1189

ALLOWABILITY OF SALARY AND INTEREST TO PARTNERS AFTER DECLARING 5% NET PROFIT ON TIURNOVER

MY CLIENT HAS DECRED 5% PROFIT ON TOTAL RECEPIT .
AFTER THAT HE IS REDUCG THE SARY AND TER ON CAPITAL TO PARTNERS.BUT THE DEPARTMENT IS NOT AGREEG TO THAT AND THEY HAVE TAKEN THE CASE FOR COMPULSORY SCRUTY .ARE THERE ANY CASE WS TO SUPPORT MY PLEA THAT THA PARTNETS SALRY AND TER TO BE ALLOWED AFTER 5% PROFIT ON RECEIPTS '

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Posted by PUNITA BHATIA on Dec 29, 2005
Filed Under DIRECT TAXES

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