Regarding Section 40(b)

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sandip (Querist)
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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'.

sandip

sandip (Querist)
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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.

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