Partners renumeration u/s 40a

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 November 2011 i just wanted to confirm that renumeration payable to partner u/s 40(A) is per partner & not renumeration of all prtners?

jyoti bhagchandani

jyoti bhagchandani (Expert)
Follow

19 November 2011 its the total remuneration of all the partners of the firm

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2011 are u sure because if it total renumeration then if there are 5 partners then will they take minimum renumeration of 30000 p.a?(If profit is less than 300000)

Upgrade to CAclubindia Pro. Subscribe Now!

jyoti bhagchandani

jyoti bhagchandani (Expert)
Follow

23 November 2011 yes surely it is the total remuneration nd it is provided to working partners of the firm..........there is no criteria of minimum remuneration its all about allowance of remuneration for the purpose of calculation of book profits for taxability