HI ALL,
CAN A PARTNER WITHDRAW HIS SALARY FROM FIRM BOOKS ON MONTHLY BASIS OR NOT?
THX
7 Replies
SUBHASHINI
(Student)
(202 Points)
Replied 11 October 2007
hai
Usually there should be an agreement to this... No partner has the right to a salary unless and otherwise there is an agreement.. Without an agreement he cannot withdraw..
Late CA Sampat Jain
(Chartered Accountant)
(4772 Points)
Replied 11 October 2007
What amount of salary a partner can withdraw is determned by partnershp deed . Income Tax Act , only prescrbes the maxmum allowable remuneration to partner . The right to withdraw salary is not controlled by Income Tax Act.
Joseph Alexander
(CA Final Student)
(163 Points)
Replied 15 October 2007
Partnership is an agency of mutual trust and understanding. Everything in partnership is purely based on the deed
Nirmal1986
(articles)
(149 Points)
Replied 29 October 2007
what is the amount of maxmum salary allowable as remuneration to partner under the it act
.
saran kumar
(student)
(145 Points)
Replied 31 October 2007
if ny partner want to withdraw his salary that shoulb be in deed..... if he withdraws his salary which is not specified in deed ... that amt shoulb be debited in to parnet capital account as "drawings".......
Recent Topics
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
- Need your valueble insight.
- Softex For freelancer ?
- GST ON REIUMBURSEMENT ENTRY ON GST PORTAL
- Missing invoice in gst
Related Threads
CAclubindia
