Dear Madhavi,
Even less than 1,50,000/- can be claimed as remuneration to partners in case of loss..
Partner's salary - income tax computation of a firm
Page no : 2
N. PRAKASH
(PROPRIETOR)
(36 Points)
Replied 14 December 2015
Dear Experts,
Thank you all for your vaild opinion and sharing the knowledge.
IT return filed for AY 2015-16 reporting loss. after considering Partner's salary as expense (Below 1.5 Lakhs) is processed by CPC with a demand on income with out allowing the parter's salary as expense.
I am in the process of revising the returns.
Thank you all...
Prakash - NP
N. PRAKASH
(PROPRIETOR)
(36 Points)
Replied 14 December 2015
Dear Experts,
Thank you all for your vaild opinion and sharing the knowledge.
IT return filed for AY 2015-16 reporting loss. after considering Partner's salary as expense (Below 1.5 Lakhs) is processed by CPC with a demand on income with out allowing the parter's salary as expense.
I am in the process of revising the returns.
Thank you all...
Prakash - NP
CA Rizwan Saifi
(Founder @ CharteredHelp)
(117 Points)
Replied 15 December 2015
Dear Prakash,
Reason of demand may be that you did not filled the partners remuneration details in the partners remunation schedule...
N. PRAKASH
(PROPRIETOR)
(36 Points)
Replied 15 December 2015
Dear Rizwan
What you have highlighted is correct.
But this error was not highlighted by Excel utility file ITR5 while processing.
I have identified the error two days back and is now trying to revise the return online in IT portal.
Thank you very much for sharing your knowlege.
Prakash NP.
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