LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Can Designated Partner in LLP. act as a CEO and get Consultation fees instant of Salary

Senthil Kumar (2 Points)

13 September 2020

Dear Sir

Can Designated Partner in LLP, act as CEO and get consultation fees instant of salary?

regards

Senthil Kumar

Reply
Follow
Share

1 Replies

CA Raj Doshi (Practising CA) (8733 Points)
Replied 14 September 2020

As per Income Tax Act, salary/consultation fee to partner - both will be treated as Remuneration to Partner.

Accordingly, such income will be considered an business income in partners individual ITR.

Regards
CA. Raj Doshi
R C D & Co.
Chartered Accountants
E : raj @ rcdco.in