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Remuneration of retiring partnet
It will be allowed sbjuct to Provision of Section 40B and Terms of Deed. Remuneration paid only upto date of death is allowed. If after his death no capital has repaid, still the deceased partner can have interest on capital as well as share of profit.
What can do is login to income tax website and reply to the intimation. Remuneration can be allowed.
For further clarification, just reply me.
sir please give detail for rectification in income tax login. thanka
you will see your notice. you click on submit response. There you can write your answer.
I think remuneration paid to partner has not been disclosed in ITR of firms
Yes Sir In ITR of Firm ITR5 in total of col. (8) of item E of Partner’s/Members information under Part A-Gen not tallied with Remuneration Debited in Profit & Loss Account because in that Coloum Only those Partner who are Partner on 31.3.15 but one of the Partner Retired During 2014-15.
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