Salary to partners
Querist : Anonymous
the firm can pay any amount of salary to their partner subject to limit of income tax u/s. 40(b)
under income tax act you can pay remuneration to partner u/s 40(b) in this section limit of remuneration is given. payment give to exceed from this is disallow.
Querist : Anonymous
A FIRM IN A.YR 13-14 HAS GIVEN SALARY TO
THE TUNE OF 96000.00 TO EVERY PARTNER , BUT IN THE DEED THERE IS WRITTEN 48000.00 OF SALARY TO BE PAID TO THE PARTNERS . WHETHER IN THIS SITUATION THE EXCESS SALARY PAID TO PARTNERS BE DISALLOWED ?
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