Salary to partner
This query is : Resolved
18 May 2013
In any case, if any salary is given to partner of a firm, whether such salary is taxable under the head salary in his hand or is taxable as income from PGBP?
and in which cases, such salary to partner is taxable under the head salry?
and in which cases, such salary to partner is taxable under the head salry?
18 May 2013
For Salary income need to taxable under salary, there should be a employer and employee relationship, since the partner itself owner of the business it is not a salary income hence not taxable under salary
It is business income only. how ever it is part of share of income from business,hence it is not taxable in the hands of partner.
It is business income only. how ever it is part of share of income from business,hence it is not taxable in the hands of partner.
19 May 2013
Salary to partner is taxable as Income from PGBP. It is taxable in the hand of partner because in the firm, deduction of salary, calculated u/s 40b, is available.
19 May 2013
Partner's salary is covered under section 28(v) of the Income tax Act,1961 and has to be offered / assessed under the head PGBP.
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