CBDT Instruction on business disallowance – interest salary, etc paid by firm – disallowance of interest charged to partner on overdrawn account under clause (b) – interest charged to partner on debit balance as well as allowed on credit balance – whether gross or net interest should be added back

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SECTION 40(b) OF THE INCOME-TAX ACT, 1961 – BUSINESS DISALLOWANCE – INTEREST SALARY, ETC PAID BY FIRM – DISALLOWANCE OF INTEREST CHARGED TO PARTNER ON OVERDRAWN ACCOUNT UNDER CLAUSE (b) – INTEREST CHARGED TO PARTNER ON DEBIT BALANCE AS WELL AS ALLOWED ON CREDIT BALANCE – WHETHER GROSS OR NET INTEREST SHOULD BE ADDED BACK…

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