Salary distribution between partners.
This query is : Resolved
VIVEK SINGH
(Querist)
09 February 2012
Dear sir,
Two partners having P&L ratio of 60:40. Can they distribute the calculated salary in their P&L ratio.
Thanks
Two partners having P&L ratio of 60:40. Can they distribute the calculated salary in their P&L ratio.
Thanks
Dintakurthi Tirumala
(Expert)
09 February 2012
It would be depending on the terms and conditions agreed at the time of agreement to the partnership at that deed.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
VIVEK SINGH
(Querist)
09 February 2012
Yes, partnership deed providing the same ratio for salary distribution.
CA PARAS BAFNA
(Expert)
09 February 2012
Following the Remuneration Sharing Clause in the deed you may distribute.
Dintakurthi Tirumala
(Expert)
09 February 2012
Then it is ok. But as per Income tax act for the purpose of filing of income tax return it would be eligible or not depending on the firm's book profit at the end of the year but actually should be according to the deed.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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