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?
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/-
Message likes :
1 times
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- TDS on Fixed Assets purchased
- TDS on purchase of under construction property from a reseller
- UDIN ISSUE
- Non filing of I T Returns
- GST Intimation due to Government took possession of Business Premises under PPE Act
- SALARY CAN BE CAPITALIZE
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
