Partnership
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2014
when calculating tax liability of a partnership firm, tax calculated on net profit after deducting partner remuneration or before remuneration!what is correct treatment
13 September 2014
Dear friend,
Tax is to be calculated after deduction of partners remuneration subject to below conditions,
1.) Remuneration to partners is authorized by partnership deed and
2.) It is allowed as deduction up to the limit mentioned u/s. 40(b)
Tax is to be calculated after deduction of partners remuneration subject to below conditions,
1.) Remuneration to partners is authorized by partnership deed and
2.) It is allowed as deduction up to the limit mentioned u/s. 40(b)
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