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Partner salary allowed as per income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 June 2013 In the AY 2013-14 what amount given to partner as per income tax as salary.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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%.
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