Remuneration reg

Save Share

This query is : Resolved

SHAHJAHAN K M (Querist)

02 December 2014 An individual is a partner in a firm he receives his 50% profit share and he is paid a remuneration around 213000 as calculated under the law. As I know that the share is exempted. Where shall I declare this remuneration received ? in My current account or directly in computation of income ? is this a taxable income? what all can I deduct to get this exempted from tax.

Amol S Joglekar

Amol S Joglekar (Expert)

02 December 2014 Remuneration is TAXABLE under income from business or profession.
The expenses in connection with acquiring the said income may be claimed as expenses.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)

03 December 2014 Dear Mr. Amol S. Joglekar correct yourself, as per section 10(2A) income tax act PROFIT RECEIVED BY PARTNER FROM FIRM IS EXEMPT FROM INCOME TAX.

You may once incuded in the computation and thereafter claim exemption under section 10(2A)

Amol S Joglekar

Amol S Joglekar (Expert)

03 December 2014 Let us NOT get confused with the word REMUNERATION.
Share of profit is exempt under the section RIGHTLY quoted as above.
Remuneration to partner is different than Share of Profit.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)

03 December 2014 Question was asked about on Share of Profit Not Remuneration

Amol S Joglekar

Amol S Joglekar (Expert)

03 December 2014 Please refer line 2 of the querist where the word REMUNERATION is used.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)

03 December 2014 Let the questioner has be Judge

Amol S Joglekar

Amol S Joglekar (Expert)

03 December 2014 Absolutely fine.
The ENGLISH may differ from person to person!