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Section 40b : partners remuneration

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Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2015 A partner is withdrawing a fixed amount of 10000/- per month as conveyance from partnership firm. There is no supporting for the same. I wanted to know whether the amount withdrawn will be clubbed as partners remunearation u/s 40b or not?

Kindly provide the details along with answer.

Thanks in advance..

Amol S Joglekar

Amol S Joglekar (Expert)

23 July 2015 It is the will and wish of the partners to withdraw money from the firm. If the partner is authorised so to do, we as auditor has no any say for the same. At the most auditor can report the same with an asteric mark, under the partnership remuneration clause, separately.

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2015 Thank you very much sir.

Amol S Joglekar

Amol S Joglekar (Expert)

06 August 2015 You are most welcome.
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