Sec 40(b)
This query is : Resolved
21 November 2014
Dear experts,
whether the limits prescribed under Sec 40b of income tax act towards payment of salary/comm/remuneration is to all active partners or the limit is separate to individual partner...?
22 November 2014
The limit applies to the TOTAL remuneration paid to all active partners. It is NOT individual limit.
22 November 2014
it applicable on firm profit not for the individual income assessment/ taxable income.
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