Partners Remuneration

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Gajendiran

Gajendiran (Querist)
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05 June 2009 how to create partners remuneration account.

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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05 June 2009 can't understand please elaborate your question.

Parveen Bansal

Parveen Bansal (Expert)
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05 June 2009 Remuneration amount can be as per partnership agreement or as agreed between partners.

When remuneration is paid to partner, debit Partner's remuneration and credit payable/ cash / bank account as the case may be.

Remuneration paid to partner is not deductible from income under section 40 (b)of Income Tax Act.

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