Partners remuneration
This query is : Resolved
01 May 2014
Partnership firm provided remuneration to working partner as per partnership deed and as per section 40(b). Assuming firm provided remuneration of Rs. 10 lacs and paid Rs. 3 lacs to partner, whether partner can pay tax on Rs.3 lacs following cash method of accounting.
Nikhil Kaushik
(Expert)
02 May 2014
the partner needs to follow the regular accounting method that he/she has been using to write his books.
You cannot keep changing the method to suit your tax liability obligations.
You cannot keep changing the method to suit your tax liability obligations.
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