Remneration to partner

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Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2011 remuneration provided as per it rule but if v provide salary to only one partner is allowabe

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 September 2011 Pl note that remuneration to partner's should be in accordance with the provisions of the partnership deed meaning thereby the deed should contain a clause specifically stating the amount of remuneration payable to each individual working partner or should lay down the manner of quantifying such remuneration subject to the provisions of section 40 (b)(v) of the Income tax Act,1961.
Therefore, please go through the Partnership deed carefully and decide accordingly.

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