partner ship renumeration
This query is : Resolved
21 April 2009
Dear Sir/Madam,
Please clarify me - what is the maximum renumeration amount the partners can draw from a partnership firm?
Advance thks,
kind regards,
S.Babu.
Please clarify me - what is the maximum renumeration amount the partners can draw from a partnership firm?
Advance thks,
kind regards,
S.Babu.
21 April 2009
there is no limit to it.
However, conditions has been prescibed in sec184 of income tax act.
However, conditions has been prescibed in sec184 of income tax act.
21 April 2009
The partners can decide to take any amount of remuneration from the business, but the same should be according to the partnership deed, and its allowability in Income Tax Act shall be according to section 40(b) read with section 184. Detailed provision and calculation is given in section 40(b)
21 April 2009
agree with Tarun
22 April 2009
Hello dear the topic you asked is long. So you can read it in detail on the following link.
http://simpletaxindia.blogspot.com/2009/03/book-profit-salary-to-partners.html
If you still have any query, then plz send me a PM.
http://simpletaxindia.blogspot.com/2009/03/book-profit-salary-to-partners.html
If you still have any query, then plz send me a PM.
22 April 2009
no limit has provided for remuneration.
butaccording to IT act remuneration can only be provided to working partner if part deed so proved.
butaccording to IT act remuneration can only be provided to working partner if part deed so proved.
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