Interest and remuneration paid monthly
This query is : Resolved
25 September 2020
Interest and remuneration paid monthly to partners allowed in I.t. act by a partnership firm.
26 September 2020
There is no restriction on monthly payouts under the IT Act.
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Regards
CA. Raj Doshi
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26 September 2020
But it should be in accordance with the instrument of partnership subject to the limits of section 40(b) of the Income tax Act,1961.
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