Respected Sir/Madam,
I have a partnership that works with consultancy. I want to know that commission can paid to other than partners (A.Y.-2017-18 & 2018-19) ? Last year, we have working less than 180 days, then how to define Remuneration if firm in in loss and loss can be carry forward to nex year.
Thanking you.
what mention in patnership deed and also go through income tax act and then decided
| Book profit | Amount deductible u/s 40(b) (maximum) |
| If book profit is negative | Rs. 150000 |
| If book profit is positive |
|
| On first Rs. 3 lakhs |
Rs. 150000 or 90% of book profit whichever is more
|
| On remaining balance | 60% of book profit |
To carry forward loss, the income tax returns should be filed before due date.
commission above 15000/- can be paid to others subject to TDS
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