Patnership Act
This query is : Resolved
14 October 2008
(a) - i think only managing partner is eligible for remuneration in partnership firm for salary as per IT act. what r the consequences if other partners also draw remuneration - is it is not given any deduction as an expense in P&L a/c, if so then is it tax free in the hands of partners.
Can partnership deed authorise salary payment to partners who are not managing partners.
(b) can a firm have multiple managing partners.
Can partnership deed authorise salary payment to partners who are not managing partners.
(b) can a firm have multiple managing partners.
14 October 2008
In the Income Tax Act the mention is that of Working partners. so all partners if treated as working partners can take salary.
14 October 2008
Continuing on the subject,if the partner is not a working partner and he is drawing salary the said expenditure will not be allowed as a business expenditure of the partnership firm.
14 October 2008
If the expenditure is not allowed as expense is that exempt in the hands of partners. If not exempt then i think it shall amount to double taxation of same income.
also kindly answer the Q. b
also kindly answer the Q. b
15 October 2008
- If the remuneration / salary from the firm is not allowed as an expenditure in the hands of the firm, the same will not be treated as income of the partner
- Firm can have multiple managing partners.
- Firm can have multiple managing partners.
15 October 2008
Thank u all guys for all the responses.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
