Remuneration to partner


This query is : Resolved 

(Querist)
13 August 2014 Maximum remuneration to be paid to working partner as per income tax act.

Rupesh Jain (Expert)
13 August 2014 remuneration as per section 40(b)
upto book profit
rs. 3000000 then 90% book profit or Rs. 150000/- which ever is higher
and on balance after First Rs. 3000000 = 60%


13 August 2014 i would like to add some points on rupesh answer

"provided it is authorized by partnership deed and method is specified on partnership deed"

13 August 2014 i would like to add some points on rupesh answer

"provided it is authorized by partnership deed and method is specified on partnership deed"

Gaurav Gupta (Querist)
13 August 2014 What is minimum Partner Capital

13 August 2014 there is no requirement of minimum capital

13 August 2014 there is no requirement of minimum capital

Gaurav Gupta (Querist)
13 August 2014 opening capital around Rs.250000/-
closing capital is zero
then?

13 August 2014 remuneration can not be linked with capital. It is paid to working partner.

13 August 2014 remuneration can not be linked with capital. It is paid to working partner.

Gaurav Gupta (Querist)
13 August 2014 no it is withdrawal and not remuneration

13 August 2014 yes capital can have zero balance too.


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