Remuneration paid to partners of a firm
sumit maan (14 Points)
06 March 2018sumit maan (14 Points)
06 March 2018
Vinayak Hegde
(CA)
(154 Points)
Replied 06 March 2018
Generally remuneration paid to partner is taxable in hands of the partner. However this remuneration paid to partner will be subject to threshhold limit as below:
Profit up to 3 lakhs : Rs.1,50,000/- or 90% of profit which ever is more
Profit more than 3 lakhs: Upto 3 lakh 90% and above 3 lakhs 60%
if the remuneration paid is more, the same will be disallowed and added back to profit of the firm.
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 06 March 2018
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