If partnership firm in which huf is partner and firm paid salary to member of huf. Is 40b applicable on this payment.
2 Replies
deepak K Gujrati
(CA-practice)
(966 Points)
Replied 01 June 2009
yes. 40 b will be applicable to workout the maximum permissible amount of remuneration. However remuneration paid to partner in HUF capacity will be taxed in his individual hands.
CA Lovenish Bansal
(JOB)
(343 Points)
Replied 02 June 2009
My question is in which head income will be taxable under Salary Head or under Income from Business and profession?
Thanks,
Recent Topics
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF UNCLAIMED RCM
Related Threads
CAclubindia
