Salary of partners
This query is : Resolved
29 July 2011
Hi,
If partnership deeds provides salary of rs 20000 per month to two partners but firm dont have profit to give the salary every month is it mandatory to provide the full year salary or only for the months in which it was actually provided to partners...is it taxable on accrual basis or on payment basis..urgent
Thanks
Amit
If partnership deeds provides salary of rs 20000 per month to two partners but firm dont have profit to give the salary every month is it mandatory to provide the full year salary or only for the months in which it was actually provided to partners...is it taxable on accrual basis or on payment basis..urgent
Thanks
Amit
29 July 2011
it will depend upon the accounting policy followed by the firm... it is not mandatory...
29 July 2011
Full year salary is to be provided since the partnership deed contains a specific clause. .
29 July 2011
still think that it is not mandatory, as it may be the policy of the firm to provide for or not.. there are various expenses which are specified in agreements and not provided for. Also, in case partners forego their salary, the same need not be provided for..
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