Sec-40
This query is : Resolved
06 January 2016
Respected Sir/Madam,
Can a partnership firm pay salary to the partner in cash in excess of Rs.20000 ?
Can a partnership firm pay salary to the partner in cash in excess of Rs.20000 ?
06 January 2016
Dear
cash expenditure in excess of rs.20000/- is disallowed as expenditure under section 40a(3).
You are advised to transfer the salary to partner capital account and then ask partners to withdraw the cash.
cash expenditure in excess of rs.20000/- is disallowed as expenditure under section 40a(3).
You are advised to transfer the salary to partner capital account and then ask partners to withdraw the cash.
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