29 April 2013
Hello friends, 1. There is partnership firm. 2. Loss is Rs.20,00,000 for F.Y.2012-13. 3. salary paid to Two partner amounting to Rs.185000/-. 4. Now pls tell me whether the Salary is form part of remuneration? 5. And if Yes then how much remuneration allowable to Firm for F.Y.2012-13 6. I have already paid Rs.185000 as salary then what to do for Rs.35000 (185000-150000)... reply....pls
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29 April 2013
Salary if paid to working partner and is in reasonable manner than can be paid additionally and it will not form part of remuneration and same is supported by mane case laws.
You can pay remuneration to the extent of Rs.1,50,000/- to your partner as maximum allowed under first ceiling.
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