Commission for working partners
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 April 2010
Hi Every body,
I would like to know whether can working partners take commission (for sales or work done or of any other type), after deducting TDS from it. Is there any such provision in the IT ACT??. If yes does it comes under the ceiling of total remuneration that can be taken by partners. Will it be deductable from the total income of the firm?
Thanks In Advance!!!
I would like to know whether can working partners take commission (for sales or work done or of any other type), after deducting TDS from it. Is there any such provision in the IT ACT??. If yes does it comes under the ceiling of total remuneration that can be taken by partners. Will it be deductable from the total income of the firm?
Thanks In Advance!!!
17 April 2010
Section 40(b) says working partners remuneration can be by way of salary,bonus, commission or remuneration by whatever name called.
So commission can be paid. Will be included in the overall limit of remuneration. Will be allowed as an expenditure provided it should be specifically mentioned in the instrument of partnership and with in the limits of section 40 (b).
So commission can be paid. Will be included in the overall limit of remuneration. Will be allowed as an expenditure provided it should be specifically mentioned in the instrument of partnership and with in the limits of section 40 (b).
17 April 2010
AGREED WITH CHACKRAPANI JI.
19 April 2010
Good interpratation by Mr. Warrior.
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