Partners remuneration in income tax
Anuj (article) (24 Points)
31 August 2022
partner salary paid in cash under income tax allowable as expenses??
4 Replies
Sai Allu
(754 Points)
Replied 31 August 2022
As per Section 40(b) of the Income Tax Act 1961, Interest & Salary paid to the Partners by the Partnership Firm are allowed to be deducted as an expense only in case all the specified conditions are being adhered to.
Madhav Gupta
(33 Points)
Replied 31 August 2022
To be on safer side you can comply both the provisions of section 40(b) as well as 40A(3) of Income tax Act.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 03 September 2022
You can pay 10k per day per partner..
So it is advised go by cheque or other electronic modes like NEFT , RTGS, IMPS , UPI
So it is advised go by cheque or other electronic modes like NEFT , RTGS, IMPS , UPI
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 03 September 2022
You cant pay more than 10000 in cash in one day
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