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Income tax Act 1961 Section 40 ( b)

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 March 2011 Any one please till me

If the partners deed specified partner salary 5000/- per month

If partner ship income is loss for the year

How much remuneration will be debited in income & expenses account

How much deduction in Statement of income
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CA. Lohith Jagadeesh

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CA. Lohith Jagadeesh (Expert)
30 March 2011 Hi,

In the case of Loss, the partners are eligible for the 1st slab of Mininmum amount given under Section 40b as it says which ever is lesser.

Thank you,

Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 March 2011 Ok sir thank you?
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