Partner's salary comes under net profit of partnership firm?
This query is : Resolved
06 July 2019
I want to start an IT company with my friend as partnership firm, but I want to know that the salary of partners comes under net profit of partnership firm.
I mean we need to pay tax including our salaries+profit?
I mean we need to pay tax including our salaries+profit?
06 July 2019
The salary of partner's can be business expenditure per section 40(b) of the income tax act,1961 and it should be necessarily in accordance with the instrument of
partnership.
partnership.
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