Partnership firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2014
AN EXAMPLE
A FIRM IN A.YR 13-14 HAS GIVEN SALARY TO THE TUNE OF 96000.00 TO EVERY PARTNER , BUT IN THE DEED THERE IS WRITTEN 48000.00 OF SALARY TO BE PAID TO THE PARTNERS . WHETHER IN THIS SITUATION THE EXCESS SALARY PAID TO PARTNERS BE DISALLOWED ?
A FIRM IN A.YR 13-14 HAS GIVEN SALARY TO THE TUNE OF 96000.00 TO EVERY PARTNER , BUT IN THE DEED THERE IS WRITTEN 48000.00 OF SALARY TO BE PAID TO THE PARTNERS . WHETHER IN THIS SITUATION THE EXCESS SALARY PAID TO PARTNERS BE DISALLOWED ?
30 June 2014
Yes, excess salary paid to partners may be disallowance
30 June 2014
yes you cannot make the excess salary from the as written in partner ship deed.
30 June 2014
yes it will be disallowed while computing income from business.
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