Urgent pls: regarding remuneration u/s 40(b)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 September 2011
Dear Experts & Professional
Wish to know whether the limit specified U/s 40(b) is for full financial year or for part of the year.
Means to say that "suppose some create partnership firm in the month of Jan.2011, can he claim Remuneration of 1.50 Lacs in 3 months i.e from Jan to Mar 2011????
Pls guide its urgent
Wish to know whether the limit specified U/s 40(b) is for full financial year or for part of the year.
Means to say that "suppose some create partnership firm in the month of Jan.2011, can he claim Remuneration of 1.50 Lacs in 3 months i.e from Jan to Mar 2011????
Pls guide its urgent
20 September 2011
40(b) doesn't specify monthly limit it says about yearly limit.Because of this logic you can claim but subject to partnership deed(i.e.if any specify monthly limit or otherwise).
I replied above just behind of logic if any other solution or any case studies on it please reply or as well as your views.
OM SAI SRI SAI JAI SAI SAI
I replied above just behind of logic if any other solution or any case studies on it please reply or as well as your views.
OM SAI SRI SAI JAI SAI SAI
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 September 2011
so it means the claim of entire Rs 1.50 Lacs in just 3 months is allowed under IT Act???
Can't be this a trick to avoid tax liability in the hands of the partnership firm????
As these remuneration is not sufficient and falls below taxable income limit in the hands of individual partner????
Can't be this a trick to avoid tax liability in the hands of the partnership firm????
As these remuneration is not sufficient and falls below taxable income limit in the hands of individual partner????
20 September 2011
Yes.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
21 September 2011
Agree with Dintakurthi Tirumala.
Rs. 1.5 lakhs shall be allowed subject to the limit specified in the partnershipp deed.
Rs. 1.5 lakhs shall be allowed subject to the limit specified in the partnershipp deed.
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