Taxation of partner ship firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2013
respected sir,
it was stated in partner ship agreement that, on 31-03- of financial year profit or loss should be devided between partners at epual ratio.there is no words like renumaration used in partnership deed.
i like to know that , can i debit remunation to partners to p&L account at equal ratio, to reduce taxable income of firm.
please some one clarify.
( i like to know that, with out using the words ;renumaration, renumaration paid to partners eligible for exemption or not.)
it was stated in partner ship agreement that, on 31-03- of financial year profit or loss should be devided between partners at epual ratio.there is no words like renumaration used in partnership deed.
i like to know that , can i debit remunation to partners to p&L account at equal ratio, to reduce taxable income of firm.
please some one clarify.
( i like to know that, with out using the words ;renumaration, renumaration paid to partners eligible for exemption or not.)
09 March 2013
Since the partnership deed does not contain a clause regarding payment of remuneration to working partners, remuneration debited, if any, in the profit and loss account will be disallowed for income tax purposes.
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