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Partners salary

This query is : Resolved 
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(Querist)
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
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
17 March 2015 yes it will be allowed as that is the max allowable.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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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