Remuneration to Partners and effect on Partners IT Return
This query is : Resolved
Quick Summary
Viswajith V
(Querist)
11 March 2024
If a partnership firm records a higher remuneration in its books of accounts but the partners withdraw a lesser amount, is this practice considered dis allowable under income tax?
Nikhil Kaushik
(Expert)
11 March 2024
it does not matter. the excess portion would reflect in their current account balance.
V K Vijayaraghavan
(Expert)
12 March 2024
Accrual basis of accounting is permissible under Income tax act . No issues
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