Salary to working partners
This query is : Resolved
09 September 2014
Pls guide me how much salary shall be allowed to working partners of partnership firm
10 September 2014
Section 40(b)(v) lays down the limit for remuneration paid to partners as under:
On the first Rs. 3 lakh of the book profit or in case of loss - Rs. 1.5 lakhs or 90% of book profit, whichever is higher
On the balance of the book profit - 60%
On the first Rs. 3 lakh of the book profit or in case of loss - Rs. 1.5 lakhs or 90% of book profit, whichever is higher
On the balance of the book profit - 60%
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