Menu
Partners remuneration & interest
if not mentioned Partners Remuneration & interest on capital in partnership deed.
can take remuneration & interest on capital minimum leval.
note : firm tornover is 7 lakh only and not done audit by firm Ay 15-16
please guide me
Replies (2)
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
Sir
I am file IT return under 44AD for partnership firm.
Please guide me, shude be NP is GTO 8% NP after less partner Interest or not.
And
My business/partnership start from 15 Dec., so please clear interest as per sec. 234 a,b,c laibilities.
Thanks in Advance.
Recent Threads
- Planning of Ceased a Business i.e Closure of Compa
- Property value in 26QB
- Form 26QB Multiple Buyer/Multiple seller
- Company Formation for clothing business
- TDS on purchase 194Q
- Compensation for urban land acquisition
- Understanding section 269st
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
Related Threads
CAclubindia
