Partners' salary
This query is : Resolved
prema,M.com, ACS Final
(Querist)
13 March 2014
Dear All,
Kindly suggest me , Partner salary is not mentioned in deed. Only share percentage is mentioned.
Shall i provide salary to partner with the mutual consent of the rest of the partners.
and also help me to provide profit sharing calculation of Rs.10Lac,
Partner 1, 2 and 3 - 40% , 40% and 20% respectively.
thank you...
Kindly suggest me , Partner salary is not mentioned in deed. Only share percentage is mentioned.
Shall i provide salary to partner with the mutual consent of the rest of the partners.
and also help me to provide profit sharing calculation of Rs.10Lac,
Partner 1, 2 and 3 - 40% , 40% and 20% respectively.
thank you...
Nikhil Kaushik
(Expert)
13 March 2014
it needs to be mentioned in the partnership deed. otherwise it can be disallowed.
please refer to this article for understanding the provisions related to partnerships: https://www.caclubindia.com/articles/-provisions-of-section-40-b-of-income-tax-act-1961-8658.asp#.UyGRHc63vh4
please refer to this article for understanding the provisions related to partnerships: https://www.caclubindia.com/articles/-provisions-of-section-40-b-of-income-tax-act-1961-8658.asp#.UyGRHc63vh4
Sandeep Dharar
(Expert)
13 March 2014
If it is not mentioned in deed it will b disallowed...
But it can b provided by mutual consent of majority of partners..
Then Profit of Rs. 10L should also b divided according to that...
But it can b provided by mutual consent of majority of partners..
Then Profit of Rs. 10L should also b divided according to that...
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