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Parntner's remuneration

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(Querist)
29 June 2013 Dear Expert ,
How individual Partners Remuneration is taxable under Income tax act and what is the maximum exemption available for the indiviual partners.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
30 June 2013 The amount receivable as Remuneration from the firm is considered under the head Profits & Gains of Business or Profession.
.
Exemption depends upon the nature of income.
If you want to know the deductions available which are based on investement in LIC PPF etc U/s 80C, the Maximum limit is 1.00 lac and U/s 80D for mediclaim it is Rs 15000.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
30 June 2013 Because section 28(v) of the Income tax Act,1961 says partners remuneration is to be offered and assessed under the head 'Income from business/ profession'.
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