Partner ship firm
This query is : Resolved
25 August 2012
sir,
I am a partner in a partnership firm and partnership firm is paying me remuneration rs.600000/-p.a. but in the hand of firm only 400000 is allowable and 200000 is dissallowable due to sec 40(b), so please clarify me on what amount I am to pay tax 600000 lac or 400000 lac
I am a partner in a partnership firm and partnership firm is paying me remuneration rs.600000/-p.a. but in the hand of firm only 400000 is allowable and 200000 is dissallowable due to sec 40(b), so please clarify me on what amount I am to pay tax 600000 lac or 400000 lac
26 August 2012
The partner has to pay tax on Rs. 4 lakhs only as per proviso to section 28(v) of the Income tax Act,1961.
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