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Remuneration u/s 40(b)

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 April 2013 Hello friends,

1. There is partnership firm.

2. Loss is Rs.20,00,000 for F.Y.2012-13.

3. salary paid to Two partner amounting to
Rs.185000/-.

4. Now pls tell me whether the Salary is form part of remuneration?

5. And if Yes then how much remuneration allowable to Firm for F.Y.2012-13

6. I have already paid Rs.185000 as salary then what to do for Rs.35000 (185000-150000)...
reply....pls
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 April 2013 1. Salary forms part of remuneration.

2. Maximum remuneration is restricted at Rs.1,50,000/- per annum.
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