Partnership fim

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
24 December 2012 whether salary paid to partners in cash is allowed or not? I am confuse about it....

24 December 2012 Why it won't be allowed. However same should be within the constraints of S. 40A (3) and 40(b).

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
24 December 2012
it exceeds 20000... then not allowed ??? is it??

24 December 2012 Yes. This is the overriding constraint of S. 40A(3)

25 December 2012 Dear Friend, in case of salary & wages the provisions of Rules 6D of the Income Tax Act, 1961 give us some liberty. Salary & wages to employee cane be paid in cash. Salary paid to partners of a firm in cash will be allowed as deduction but subject to provisions of Rules 6D. Thanks

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
25 December 2012 Is it necessary to deduct tax while paying salary to partner? salary amt.after deducting epf is below rs.20000/- p.m.?

25 December 2012 Deepak Ji, I don't think Rule 6D is in force. It has been omitted.
Dear Querist, No TDS is required u/s 192 since salary is not chargeable under the head "Salaries"

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
25 December 2012 thank you sir....


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries



CCI Pro
Meet our CAclubindia PRO Members

Follow us
add to google news



Answer Query



Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Article Trainee

N N V Satish&co

Hyderabad

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 12 March 2026
Customer Relationship Executive

TAXLET

Calicut

B.Com

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details