Easy Office
LCI Learning

Section 40b

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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?
Profile Image

Ankur Singhal

Profile Image

Ankur Singhal (Expert)
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
Profile Image

KAVIRAJA ADDANGADI

Profile Image

KAVIRAJA ADDANGADI (Expert)
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.
Upgrade to CAclubindia Pro. Subscribe Now!


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries



Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links