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Remuneration to Partners and effect on Partners IT Return

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(Querist)
11 March 2024 If a partnership firm records a higher remuneration in its books of accounts but the partners withdraw a lesser amount, is this practice considered dis allowable under income tax?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
11 March 2024 it does not matter. the excess portion would reflect in their current account balance.
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V K Vijayaraghavan

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V K Vijayaraghavan (Expert)
12 March 2024 Accrual basis of accounting is permissible under Income tax act . No issues
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