Regarding applicablity of 40B provision
This query is : Resolved
24 March 2025
is remuneration to partner of LLP is allowed under section 40B?
24 March 2025
Since LLPs are treated similarly to partnership firms for tax purposes, the rules applicable to partnership firms under Section 40B are applicable to LLPs as well.
Section 40B’s provisions regarding interest and remuneration to partners are applicable to LLPs, with adjustments made based on their structure and the nature of their operations.
Section 40B’s provisions regarding interest and remuneration to partners are applicable to LLPs, with adjustments made based on their structure and the nature of their operations.
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