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Partnership
Sir,
There are Three partners in a firm and all of them getting salary as well as partner remuneration. the Salary amount is Rs 55 lacks and Remuneration paid to them is Rs 72 lacks and the net profit of the firm after salary and remuneration is 45 lacks. So Please help me to find out that whether its is allowable or not as per income tax act 1961
Replies (1)
First 3,00,000-------------Rs. 2,70,000
Next 1,69,00,000--------Rs. 1,01,40,000
Total allowed 1,04,10,000
As per Section 40(b) of Income Tax Act, 1961
Condition
1) authorised by partnership deed
2) to working partner
3) within limit's
ANS.
SALARY AND REMUNERETION TOTAL PAID RS. 127 LAKHS NOT ALLOWED
ALLOWED BOTH UPTO RS. 104.1 LAKHS
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