Regarding partners remuneration
This query is : Resolved
prakash kumar
(Querist)
21 February 2012
Sir, Can i take salary(remuneration) less than the amount described in the deed or can i omit to take salary even when i have enough profit in the firm. Or i want to take salary as per I.T. Act i.e. 90% of first 3.00 Lakhs of Book Profit
CA PARAS BAFNA
(Expert)
21 February 2012
Would you write the reason for not giving salary to the partners?
.
If you do not want to follow the terms of deed, Department may not object to the extent it is beneficial to the revenue.
.
As per IT Act, what ever is prescribed is the maximum amount allowable, beyond which if Salary to Partners is given, it will be disallowed.
.
.
If you do not want to follow the terms of deed, Department may not object to the extent it is beneficial to the revenue.
.
As per IT Act, what ever is prescribed is the maximum amount allowable, beyond which if Salary to Partners is given, it will be disallowed.
.
CA PARAS BAFNA
(Expert)
21 February 2012
Would you write the reason for not giving salary to the partners?
.
If you do not want to follow the terms of deed, Department may not object to the extent it is beneficial to the revenue.
.
As per IT Act, what ever is prescribed is the maximum amount allowable, beyond which if Salary to Partners is given, it will be disallowed.
.
.
If you do not want to follow the terms of deed, Department may not object to the extent it is beneficial to the revenue.
.
As per IT Act, what ever is prescribed is the maximum amount allowable, beyond which if Salary to Partners is given, it will be disallowed.
.
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