Partner's Salary & the Impact of IT Act

Question: Whether the Remuneration taken in cash is Disallowed under IT Act since it is more than Rs.20,000 as it is towards Expenses?

Case: The partnership firm name ABC & Co, having 4 partners, Each partner was credited with 6 lacs each and being credited in the Partners' current each partner. 

A partner take out every now and then Amounts more than Rs.20,000 (Say Rs.40000, 60000, 75000). 

 

Awaiting Golden Hearts to share their Experience

Replies (2)

can some one answer this

Sec 40A(3) is not attracted in case of Drawings .

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 17 July 2026
Article Assistant and B.com pass

BANSAL YOGESH AND CO

Gautam Budh Nagar

B.Com

View Details
Company
ARTICLESHIP 10 July 2026
Article Assistant

N S Gokhale & Co

Thane

CA Inter

View Details
Company
13 July 2026
AVP / VP - PCG Advisory

Workforce Connect

Mumbai

MBA

View Details
Company
ARTICLESHIP 11 July 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
Featured 18 July 2026
Senior Manager- Finance & Accounts

apricus india

Ahmedabad

CA

View Details
Company
ARTICLESHIP 28 July 2026
Article/Intern/Semi-Qualified/Fresher B.Com

VNSS & Co

Mumbai

Others

View Details
Company
06 July 2026
Senior Accountant

Arvindkumar Maniar & Co.

Rajkot

CA

View Details
Company
14 July 2026
Senior Executive/ Manager

H S SHARMA AND CO

Pune

CA Final

View Details