can I pay entire max. remuneration allowed under income tax to only one partner instead sharing it to all partners to claim allowable expenses.?
means if I have 3 lakh profit then I credit 2.7 lakh remuneration to 1 partner and no remuneration to other partners.
5 Replies
satheesh
(ca practice)
(49 Points)
Replied 06 August 2019
remuneration paid only to managing partner if it is one or more if it mentioned in the deed
saud ahmed
(Student CA IPC / IPCC)
(270 Points)
Replied 06 August 2019
all are assumed to be managing partner..except if mentioned as sleeping partner
Akarsh Prince
(47 Points)
Replied 06 August 2019
As per provisions remuneration cannot be given to sleeping partners, there is rule telling all remuneration has to be given to all managing partners...
saud ahmed
(Student CA IPC / IPCC)
(270 Points)
Replied 06 August 2019
yeah and if nothing mentioned in partnership deed all are deemed as working partner and remuneration allowed to them
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