Regarding Section 40(b)
This query is : Resolved
10 January 2011
As per Section 40(b) Remuneration to partner should not excess of allowed under Income tax Act, but when remuneration paid to partner( Actual payment to partner ) was lower & allowed remuneration ( As per Income Tax Act allowed ) was greater than paid remuneration then what amount will be taken in computation of income partnership firm ?
Guest
Guest
(Expert)
10 January 2011
Please clarify the terms 'remuneration paid to partner' and 'allowed remuneration'.
12 January 2011
Remuneration paid to partner means actual payment and allowed remuneration means as per Income tax Act.
Guest
Guest
(Expert)
13 January 2011
Remuneration to partners shall be allowed subject to maximum limit provided u/s 40(b) and the remuneration credited/paid to partners, which ever is less.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- STCG FOR GOLD ETFs
- Long Term Service award taxability in hands of company
- Free lancer income
- REGARDING GST LIABILITY/....
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
