Salary to partners
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2014
CAN A FIRM GIVE SALARY OR CHANGE THE RATIO OF SALARY, EVEN IF IT (THE SALARY) IS NOT DEFINED IN THE DEED?
24 June 2014
yes
the firm can pay any amount of salary to their partner subject to limit of income tax u/s. 40(b)
the firm can pay any amount of salary to their partner subject to limit of income tax u/s. 40(b)
24 June 2014
salary given to Partner will allowed if it is not mention in partner sheep deed . you can change the deed as you want with mutul consent of partners.
under income tax act you can pay remuneration to partner u/s 40(b) in this section limit of remuneration is given. payment give to exceed from this is disallow.
under income tax act you can pay remuneration to partner u/s 40(b) in this section limit of remuneration is given. payment give to exceed from this is disallow.
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 June 2014
AN EXAMPLE
A FIRM IN A.YR 13-14 HAS GIVEN SALARY TO
THE TUNE OF 96000.00 TO EVERY PARTNER , BUT IN THE DEED THERE IS WRITTEN 48000.00 OF SALARY TO BE PAID TO THE PARTNERS . WHETHER IN THIS SITUATION THE EXCESS SALARY PAID TO PARTNERS BE DISALLOWED ?
A FIRM IN A.YR 13-14 HAS GIVEN SALARY TO
THE TUNE OF 96000.00 TO EVERY PARTNER , BUT IN THE DEED THERE IS WRITTEN 48000.00 OF SALARY TO BE PAID TO THE PARTNERS . WHETHER IN THIS SITUATION THE EXCESS SALARY PAID TO PARTNERS BE DISALLOWED ?
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