Ramsharan Patidar (Tax Expert) (50 Points)
18 February 2016
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 18 February 2016
Interest and Remuneration to Partners u/s.40(b) are independant of Turnover of business of assessee. Minimum remuneration allowed u/s.40(b) (of rs.1,50,000) further require authorization by deed. Therefore unless deed provides for it firm can not claim it for Income tax even though remuneration paid does not exceed Minimum Remuneration
Ramsharan Patidar
(Tax Expert)
(50 Points)
Replied 25 February 2016
CAclubindia
