Allowance & Disallowance of Partner’s Salary & Interest in case of Partnership Firm

Question 1:      Whether Remuneration to Partner (Partner’s Salary) will be allowed in case of Partnership Firm? Answer:              Yes, it is allowed only to a Working Partner. Remuneration will be allowed to an Individual Only. Working Partner Meaning: Working Partner is an active partner who takes an active part in the running of a business.…

Read More