Parntner's remuneration
This query is : Resolved
Praveenveldhi
(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.
How individual Partners Remuneration is taxable under Income tax act and what is the maximum exemption available for the indiviual partners.
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.
.
.
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.
.
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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