Remneration to partner
This query is : Resolved
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
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.
Therefore, please go through the Partnership deed carefully and decide accordingly.
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