Remuneration to partner
This query is : Resolved
21 September 2012
sIf nothing is specifically mentioned in Partnership deed regarding remuneration and interest to Partners, can we give remuneration to working partners???
However, in Partnership deed it is mentioned that "profit or loss of partnership will be shared by partners after deducting all the expenses towards business namely Salary, electricity, interest, rent, depreciation and other business expenses."
Kindly guide accordingly.
However, in Partnership deed it is mentioned that "profit or loss of partnership will be shared by partners after deducting all the expenses towards business namely Salary, electricity, interest, rent, depreciation and other business expenses."
Kindly guide accordingly.
21 September 2012
If the partnership deed not containing related to the remuneration and interest. it seems partners are not eligible to get remuneration and interest as per the terms and conditions of the partnership. So it's not allowed. Eventhough you paid it, it means overiding the partnership act and income tax not allowed as expenditure.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Message likes :
1 times
21 September 2012
If it is not mentioned, then it will be disallowed by Income Tax Act.
Message likes :
1 times
21 September 2012
Then the remuneration will be disallowed.
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
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Internship/Academic shown in Salary Pay Slip of a Doctor
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Liable to deduct tds and 44ADA
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
