Remuneration to partners u/s 40(b) of Income Tax Act

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(Querist) 01 May 2008

Can anybody suggest me on this question?
How to calculate allowable remuneration to partners as per Income Tax act in the case where firm is carring on more than one business? Whether profit/loss of all business should be merged or seperate calculation should be done for every business?


CA. Komal Savaliya (Querist) 01 May 2008

Can anybody suggest me on this question?
How to calculate allowable remuneration to partners as per Income Tax act in the case where firm is carring on more than one business? Whether profit/loss of all business should be merged or seperate calculation should be done for every business?

CA Hemant T Dewani (Expert) 01 May 2008

if there is more than one business of the partnership firm & you are made partnership firm on stamp paper what clauses are you made in the partnership is important if only one partnersip firm and all partners are same then you will follow as per income tax act all other businesses are club togeather & give salary as per deed or income tax act whichever is less



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