Partnership firm
This query is : Resolved
09 April 2014
If you pay tax on partners rumeneration/ salary by the partnership firm in the firm's itr , than when the partners takes the same tax paid amount in to his personal account, in this case do the partners have to pay the tax again on the same amount?
10 April 2014
My Dear friend, you question is not clear.
The partnership Firm has to pay tax only after deduction of Remuneration and interest. I,e., partnership firm claiming the remuneration and Interest as Expenditure. The firm is not paying tax. Hence, the partners has pay tax on the Remuneation and Interest which was received from the firm nad it is taxable in the hands of partners only.
The partnership Firm has to pay tax only after deduction of Remuneration and interest. I,e., partnership firm claiming the remuneration and Interest as Expenditure. The firm is not paying tax. Hence, the partners has pay tax on the Remuneation and Interest which was received from the firm nad it is taxable in the hands of partners only.
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