05 August 2015
Dear Experts whether salary paid to Designated partners of an LLP is an allowable expense particularly when the partners are in full time engaged in the business of the firm and provided in the deed.Kindly also clarify whether the salary added for computation of Book profit as done in partnership firms
If it is supported by partnership deed and falls within the limit given under section 40(b)(v) then you don't need to add back while computing income of LLP
CAclubindia
