Remuneration & interest on capital in a firm
This query is : Resolved
sudheer kumar
(Querist)
01 December 2015
Is there any limit on the remuneration/salary taken by the partners of a firm?
Whether Interest on capital credited to capital A/cs is taxable in the hands of a partner?
Whether Interest on capital credited to capital A/cs is taxable in the hands of a partner?
CA Tejas Mistry
(Expert)
01 December 2015
As far as Limits are concerned Remuneration can be paid upto Maximum limit specified in Section 40(b) under income tax act.
And Interest on Capital and Remuneration credited in partners capital is fully taxable in hands of Partner individual returns
And Interest on Capital and Remuneration credited in partners capital is fully taxable in hands of Partner individual returns
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