Partner remuneration calculation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 September 2011
HOW TO CALCULATE REMUNERATION OF PARTNER SHIP FIRM ? IF PARNERSHIP FIRM HAS ALSO FDR INTEREST INCOME AND THE SAME IS CREDITED IN PROFIT AND LOSS A/C OF FIRM ? PLEASE REPLY WITH EXAMPLE ?
26 September 2011
First of all talking about calculating the partner's remuneration, it's all depend upon the terms of partnership deed
26 September 2011
As per 40(b, if the admissible partner's remuneration is calculated, only to the extent provided in the Partnership deed remuneration is deductible, only if the amount was paid
26 September 2011
If teh deduction allowed u/s 40(b) is 70,000 whereas only RS 40,000 remuneartion was paid to the partners then only Rs 40,0000 would be allowed as deductions
26 September 2011
FDR income is part of Income from other sources so calculating inciome u/s 40 (b) the same is to deducted from the total profit or in other words to be excluded
26 September 2011
For Calculating the Partner's remuneration as per accounting, all the calculations to be guided by Partnership deed if the deed is silent on the same issue, on whole amt of profit the remuneartion is reqd to be paid
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