Taxability of salary from partnership firm
This query is : Resolved
28 April 2014
If a person receives a salary of 90000 as a working partner from the partnership firm, the salary being 1 % of the firm's sales, is it taxable in the hands of the partner or not?
Also, is advance tax paid by a person engaged in a business an allowable expenditure?
28 April 2014
Hi Abhi,
Salary received by partner is taxable to partner and allowed as expenditure to the firm.
Payment of Income Tax is not allowable expenditure.
Regards,
Devanand
Hi Abhi,
Salary received by partner is taxable to partner and allowed as expenditure to the firm.
Payment of Income Tax is not allowable expenditure.
Regards,
Devanand
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