Remuneration to partners u/s 40b
This query is : Resolved
27 June 2016
Hi everyone
Greetings for the day !
me along with my friend started a firm in October this year . we stated in deed that remuneration to partners will be given as per income tax rules. can we claim salary as per IT Rules i,e 90%/ 1.5 L for first 3 lakhs and bal @ 60% of book profits?
2) our profit for this 6 months is rs 126000 only. can we claim 150000 as salary by following rules ?
3) should the remuneration be proportionately taken for 6 months i,e 75000 or full 150000.
4) if we take such remuneration then our profits is less than 8% of turnover. should we required to get tax audit in such case?
please anyone guide me in this matter.
thanks & regards
prashanth
Greetings for the day !
me along with my friend started a firm in October this year . we stated in deed that remuneration to partners will be given as per income tax rules. can we claim salary as per IT Rules i,e 90%/ 1.5 L for first 3 lakhs and bal @ 60% of book profits?
2) our profit for this 6 months is rs 126000 only. can we claim 150000 as salary by following rules ?
3) should the remuneration be proportionately taken for 6 months i,e 75000 or full 150000.
4) if we take such remuneration then our profits is less than 8% of turnover. should we required to get tax audit in such case?
please anyone guide me in this matter.
thanks & regards
prashanth
27 June 2016
You can claim maximum 150000/- if your income is less than 8% than you have get tax audit
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