Partners salary
This query is : Resolved
17 March 2015
Dear Sir,
In the partnership deed, there is no mention of the amount or percentage of salary payable to the working partners.
If we calculate salary as per the the IT Act, is it a allowable deduction ?
regards
In the partnership deed, there is no mention of the amount or percentage of salary payable to the working partners.
If we calculate salary as per the the IT Act, is it a allowable deduction ?
regards
17 March 2015
yes it will be allowed as that is the max allowable.
19 March 2015
No ,it will not be allowed in income tax assessment since partnership deed is silent on remuneration. Pl refer CBDT Circular 739 dated 25.3.1996.
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