Remuneration

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Querist : Anonymous

Querist : Anonymous (Querist)

31 March 2012 Do I credit remuneration payable for whole year to working partners or it needs to pay every month ?

what about tds applicability on it ?

thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 March 2012 1.Payment towards remuneration to partner's are governed by the clauses of the partnership deed. So have a look at the deed and account as said in the deed.
2. No TDS since remuneration is governed by section 28 of the income tax act,1961.

Querist : Anonymous

Querist : Anonymous (Querist)

31 March 2012 after all calculation i.e interest on capital, remuneration my profit is Rs. 72650/- for F.Y. 2010-2011 now which entry will have to do ? kindly help me in doing final provisional entry of partnership firm taxation ?

thanks in advance

CA Chandra Kishore Bajpai

CA Chandra Kishore Bajpai (Expert)
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01 April 2012 Profit & Loss Account Dr.
To Partners' individual Account

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