Partner remuneration allowable
This query is : Resolved
Rohit Sachdeva
(Querist)
13 November 2012
Dear All,
My query is if a firm is having its net profit as Rs. 32,000 what amount of partner remuneration can be paid by firm to its partner from this net profit.
Thanks & Regards
Rohit Sachdeva
My query is if a firm is having its net profit as Rs. 32,000 what amount of partner remuneration can be paid by firm to its partner from this net profit.
Thanks & Regards
Rohit Sachdeva
Tax pundit
(Expert)
14 November 2012
As per section 40(b)(v), remuneration of Rs 1,50,000 can be given to the working partners. It is assumed that the same is authorized by and in accordance with the terms stated in the partnership deed, relating to remuneration to partners.
CA VISHNU GAVKARE
(Expert)
15 November 2012
profit of Rs. 32,000 is after debiting remuneration or before debiting?
Rohit Sachdeva
(Querist)
15 November 2012
before partner remuneration.
CA VISHNU GAVKARE
(Expert)
15 November 2012
Then you can claim remuneration up to Rs. 1,50,000
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