Salary paid to designated partners of an llp
This query is : Resolved
05 August 2015
Dear Experts
whether salary paid to Designated partners of an LLP is an allowable expense particularly when the partners are in full time engaged in the business of the firm and provided in the deed.Kindly also clarify whether the salary added for computation of Book profit as done in partnership firms
whether salary paid to Designated partners of an LLP is an allowable expense particularly when the partners are in full time engaged in the business of the firm and provided in the deed.Kindly also clarify whether the salary added for computation of Book profit as done in partnership firms
05 August 2015
http://www.charteredclub.com/section-40b/
05 August 2015
Nooooo
If it is supported by partnership deed and falls within the limit given under section 40(b)(v) then you don't need to add back while computing income of LLP
If it is supported by partnership deed and falls within the limit given under section 40(b)(v) then you don't need to add back while computing income of LLP
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