Tax in the hands of partner on d remuneration recd from firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2013 Dear Sir,

I Have a doubt regarding, payment of Tax in the hands of partner on the remuneration received from firm.

If a firm, pays Rs.24lakhs to a partner and as per its deed only Rs.20lakshs is allowable,so as per Income Tax, the difference of Rs.4lakhs(24-20)remuneration paid was disallowed & paid the tax on the same.

Now, my doubt is whether the partner has to pay the tax on Rs.20lakhs or Rs.24lakhs?.
If he has to pay only on Rs.20lakhs, please refer me any citation(if any) or relevant section for better understanding.

Thanks in advance.

Regards,

CA.Satish.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 September 2013 Partner has to pay tax on Rs. 20 lakhs. Please refer proviso to section 28 (v) of the Income tax Act,1961.

Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2013 Ok sir, thank you..

Querist : Anonymous

Querist : Anonymous (Querist)

08 September 2013 thank u sri chakrapani..

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