Querry as to sec 40b
This query is : Resolved
30 December 2013
I need a clarification
Suppose, there is debit of Rs. 350000/-. to the PL a/c
and maximum Remuneration allowable as per 40b is Rs. 400000/-
Will the whole amount of Rs.350000/- is allowed which is debited to PL
Or
Rs.4000000/- would be allowed I.e. extra Rs. 50000/-
Kindly get it clarified
Aditya Maheshwari
(Expert)
30 December 2013
Amount of deduction u/s 40(b) would be restricted to amount debited in profit & loss. Hence full Rs. 400,000/- should be debited.
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