Ram & Co., a partnership firm worked out total book profits for the year ended 31st March, 2019 of ₹6,00,000 and has made payment of salary of ₹4,60,000 authorized by the partnership deed to the working partners. Fir
CS Executive · Tax Laws · PYQS · December 2019
Ram & Co., a partnership firm worked out total book profits for the year ended 31st March, 2019 of ₹6,00,000 and has made payment of salary of ₹4,60,000 authorized by the partnership deed to the working partners. Firm wants to know that how much amount of salary paid to partners be allowable as deduction in A.Y. 2019-20.
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Income Tax Act, 1961
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