Poonawalla fincorp
Poonawalla fincorp

Sec 40(b)

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(Querist)
21 November 2014 Dear experts, whether the limits prescribed under Sec 40b of income tax act towards payment of salary/comm/remuneration is to all active partners or the limit is separate to individual partner...?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
22 November 2014 The limit applies to the TOTAL remuneration paid to all active partners. It is NOT individual limit.
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Rupesh Jain

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Rupesh Jain (Expert)
22 November 2014 it applicable on firm profit not for the individual income assessment/ taxable income.
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