Partners remuneration details

This query is : Resolved

Prakash C Gowda (Querist)
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04 June 2012 Dear sir,

Rs.1,00,000/- Partners Remuneration paid every month. This Amount Taxable or not?

If this Taxable amount, how to tax exemption taken for every month remuneration.

Please advice me.

With Regds,

Prakash C Gowda

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 June 2012 This remuneration is taxable in the hands of the partners under the head Income from Business or Profession.

Prakash C Gowda

Prakash C Gowda (Querist)
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04 June 2012 how to without taxable remuneration taken if any other transaction is their?

Thanks in Advance

Prakash C Gowda

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 June 2012 I am unable to understand your query. Kindly explain in detail.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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04 June 2012 Tax has to be paid by either of two..

if firm is paying taxes then no need to pay by partners. i.e profits in the hands of partners is not taxable. but the remumneration is taxable as firm is getting deduction from profit.