Remuneration disallowance..individual partner it return ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2012
A firm incurred book loss.
only 1,50,000 was allowed as remuneration out of 400000. (Partner A - 2,00000 & partner B 2,00,000)
when filing individual IT return of Partner how much remuneration to be taken?
how to declare same?
Remuneration - 2,00,000
Less: Disallowed - 1,25,000
Taxable remuneration - 75,000
Is this how it need to be booked?
only 1,50,000 was allowed as remuneration out of 400000. (Partner A - 2,00000 & partner B 2,00,000)
when filing individual IT return of Partner how much remuneration to be taken?
how to declare same?
Remuneration - 2,00,000
Less: Disallowed - 1,25,000
Taxable remuneration - 75,000
Is this how it need to be booked?
Naresh Kansala
(Expert)
11 August 2012
Remuneration Rs. 2,00,000/-
Less:Disallowed U/s 40(b) Rs. 1,25,000/-
Taxable Rs. 75,000/-
Less:Disallowed U/s 40(b) Rs. 1,25,000/-
Taxable Rs. 75,000/-
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CA CS Amit S. Kedia
(Expert)
11 August 2012
As per Section 28(V)-Any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from such firm is taxable under income business & profession:
Provided that where any interest, salary, bonus, commission or remuneration, by whatever name called, or any part thereof has not been allowed to be deducted under clause (b) of section 40, the income under this clause shall be adjusted to the extent of the amount not so allowed to be deducted.
Accordingly, Rs. 75,000 is to be taxed in the hands of the partner.
Provided that where any interest, salary, bonus, commission or remuneration, by whatever name called, or any part thereof has not been allowed to be deducted under clause (b) of section 40, the income under this clause shall be adjusted to the extent of the amount not so allowed to be deducted.
Accordingly, Rs. 75,000 is to be taxed in the hands of the partner.
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