Regarding Section 40(b)
This query is : Resolved
10 January 2011
As per Section 40(b) Remuneration to partner should not excess of allowed under Income tax Act, but when remuneration paid to partner( Actual payment to partner ) was lower & allowed remuneration ( As per Income Tax Act allowed ) was greater than paid remuneration then what amount will be taken in computation of income partnership firm ?
Guest
Guest
(Expert)
10 January 2011
Please clarify the terms 'remuneration paid to partner' and 'allowed remuneration'.
12 January 2011
Remuneration paid to partner means actual payment and allowed remuneration means as per Income tax Act.
Guest
Guest
(Expert)
13 January 2011
Remuneration to partners shall be allowed subject to maximum limit provided u/s 40(b) and the remuneration credited/paid to partners, which ever is less.
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