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partners remuneration

Ravi (Ca articleship) (335 Points)

13 March 2018

partners remuneration was allowed if partnership firm was opted for sec 44 AD

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abeertiwari (ca) (310 Points)
Replied 13 March 2018

no not allowed amended by FA 2017

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Ravi (Ca articleship) (335 Points)
Replied 13 March 2018

partners remuneration was not allowed it means that amount was taxable at hands of partners and firm

abeertiwari (ca) (310 Points)
Replied 13 March 2018

for a partnership firm it is assumed that all deductions had been given to a firm including interest and remuneration.therefore only percent you showed as income of turnover will be your income from PGBP.
since it is given that all deductions have been given to the firm the remuneration paid to partner is fully taxable in the hands of partners.

Ravi (Ca articleship) (335 Points)
Replied 13 March 2018

k, thank you but one doubt was this ammendment was implemented from this year onwards?

abeertiwari (ca) (310 Points)
Replied 13 March 2018

it's already implemented from FY 2016-17

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RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 13 March 2018

Sorry for the Different view of the Query...

If the Partnership Firm opt presumptive scheme (u/s 44ad) then no way for claim Remuneration and Interest as per the FA 2017 applicable from 1st April 2017...

If Firm Opt 44ad then will be show the Profit 8% or Above. After the Profit amount shared to Partners Capital account. The amount not taxable in the hands of Partners. It's already taxed amount...

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