Section 40b
This query is : Resolved
03 March 2016
Dear All,
In section 40b of income tax act ,what will be the treatement of partner's remuneration if there is a loss instead of book profits?
In section 40b of income tax act ,what will be the treatement of partner's remuneration if there is a loss instead of book profits?
03 March 2016
Dear
As per section 40b salary of Rs. 1.5 lac can be claimed as deduction in case the book profit is negative.
So maximum allowable salary would be Rs. 1.5 lacs
As per section 40b salary of Rs. 1.5 lac can be claimed as deduction in case the book profit is negative.
So maximum allowable salary would be Rs. 1.5 lacs
03 March 2016
Upto Rs.150000/- can be claimed as Partners Salary , Balance will be disallowed and same will be added back to Firm Income.
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