GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Salary, bonus, commission or remuneration due to or received by a working partner from the firm is taxable under the head.
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PGBP
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Income from salaries
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Other sources
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None of these
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Explanation:
Detailed explanation-1: -Remuneration and Interest received by the partners shall be taxed in their hands as income under head PGBP. However, the salary and interest which have not been allowed under Section 40(b) or any other section shall not be added to the income of the partners.
Detailed explanation-2: -As per Section 40(b) of the Income Tax Act 1961, Interest & Salary paid to the Partners by the Partnership Firm are allowed to be deducted as an expense only in case all the specified conditions are being adhered to.
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