Partner salary allowed as per income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 June 2013
In the AY 2013-14 what amount given to partner as per income tax as salary.
12 June 2013
Ceiling for the remuneration to 'working partner' have been prescribed u/s 40(b)(v) as under.
i) on the 1st Rs. 3 lacks of the book-profit or in case of loss -- Rs.1.50 lacks or @90% of the book profit which ever is more,
ii) on the balance of book-profit -- @ 60%.
i) on the 1st Rs. 3 lacks of the book-profit or in case of loss -- Rs.1.50 lacks or @90% of the book profit which ever is more,
ii) on the balance of book-profit -- @ 60%.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Advances to related party
- Capital Gains Tax on Inherited Mutual Fund
- Royalty payments to the Mining Department for procurement of murum - GST input
- Gift to nri relatives residing in usa
- Form 144 TDS Return Validation Error – Mandatory Fields
- LLP audit and disclosure
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
