1. What is the maximum remuneration which can be paid to partners in a partnership firm, if the profits exceed 20 lacs p.a?
2. How is a partnership firm taxed on it's income?
3. Is the taxable income derived after deducting remuneration of partners or before?
4. Will income tax have to be paid again by the partners, (after income tax is paid by the firm), if their individual remuneration exceeds the exempt limit of the IT slab? If yes, does this not amount to double taxation? Is there any remedy for this?
5. What is the maximum number of partners which can be had in a firm?
6. From the point of view of income tax saving, is a partnership firm better or a private limited one?