hii...
Is there any maximum ceiling on active/working partner's remuneration in a partnership that is not registered???
what if the partnership is registered one???
3 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 08 June 2021
No there is no such maximum ceiling limit
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 08 June 2021
There is a limit in respect of the remuneration paid to the working partners that can be claimed by the firm as deduction u/s 40(b).
Refer for more details: https://www.incometaxindia.gov.in/pages/acts/income-tax-act.aspx
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 09 June 2021
That limit should be based on book profit
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