Section 40b
This query is : Resolved
03 March 2016
Dear All,
In section 40b of income tax act ,what will be the treatement of partner's remuneration if there is a loss instead of book profits?
In section 40b of income tax act ,what will be the treatement of partner's remuneration if there is a loss instead of book profits?
03 March 2016
Dear
As per section 40b salary of Rs. 1.5 lac can be claimed as deduction in case the book profit is negative.
So maximum allowable salary would be Rs. 1.5 lacs
As per section 40b salary of Rs. 1.5 lac can be claimed as deduction in case the book profit is negative.
So maximum allowable salary would be Rs. 1.5 lacs
03 March 2016
Upto Rs.150000/- can be claimed as Partners Salary , Balance will be disallowed and same will be added back to Firm Income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Agriculture income or business income
- Loan by Partnership Firm
- Suggestions required for income tax filing-software (FY 2025-26)
- REGARDING GST LIABILITY/....
- STCG FOR GOLD ETFs
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
