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Salary clause in partnership deed-reg (Income Tax)

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This query is : Open

Author : Anonymous

( Author )
27 September 2013

KIND ATTN. SIR

WITH REGARD TO A PARTNERSHIP FIRM, IN THE DEED SPECIFICALLY MENTIONED THE REMUNERATION TO WORKING PARTNERS AS RS.60000/- PER ANNUM PER HEAD AND ADMISSIBLE FOR TWO PARTNERS WITH INCOME TAX CLAUSE U/S 40(b)PERMITING ADDITIONAL REMUNERATION/ COMMISSION BEYOND THE FIXED SALARY , If the qualifying amount exceeds the total amount of the remuneration paid to the above said parties the difference between the qualifying amount and the total amount of remuneration, shall be paid to the above said parties as commission equally.HENCE IN THE PRESENT CASE ,FIXED SALARY FOR BOTH PARTNERS AMOUNTING TO RS.120000/-, BUT THE QUALIFYING AMOUNT U/S 40(b)IS RS.528714.HENCE THE ASSESSEE WANTS TO CALCUALTE THE SALARY TO BOTH PARNTERS AS RS.360000/-AND WANTS TO SHOW THE BALANCE AS PROFIT IN FIRM.KINDLY CLARIFY THE WHETHER WE CAN MENTION THE SALARY AS RS.180000/-PER INDIVIDUAL AND RS.360000/- FOR BOTH IN ITR
WITH REGARDS
P.SHANGAR



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