Partner's remuneration
This query is : Resolved
16 November 2009
dear sir,
pl. let me know following : (1) Is Remuneration recd. from a partnership firm as per partnership deed taxable in the hands of partner ? Any exemption / deduction under any section is given ?
thanks in advance.
anckoor
pl. let me know following : (1) Is Remuneration recd. from a partnership firm as per partnership deed taxable in the hands of partner ? Any exemption / deduction under any section is given ?
thanks in advance.
anckoor
16 November 2009
If the remuneration is paid as per the Partnership Deed, whatever amount is allowed to the Partnership Firm will be taxed as Profit and gains from Business or Profession to the Partner receiving the remuneration. Partner will only get his basic exemption as per his tax slab and his eligible deductions as per Chapter VI-A like everyone else.
16 November 2009
He can also claim the interest on loan & depreciation on motor car used to business if any against remuneration received from firm.
16 November 2009
AGREED WITH SUNIL
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Building tax payment deduction in rental Income
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- F & O PROFIT REPORTING FOR AY 2026-27
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
