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Partner's remuneration

Sandeep Sharma (Accounts executive) (552 Points)

31 January 2019

A partnership firm of hotel business having turover 8 crore annually. Please tell me can partners claim their remuneration?

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Prakash Gehani (Consultant & Teacher(Whatsapp 8718057907)) (1306 Points)
Replied 01 February 2019

yes the can claim remuneration as per deed.

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Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 01 February 2019

parrtners can claim remuneration subject to the overall limits specified in section 40(b) provided that the remuneration clause is mentioned in the p'ship deed.
the excess remuneration disallowed will be exempt in the hands of partners. only remuneration allowable will be taxed in partners hands.

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