Partnership
Nitesh kumar (Student) (24 Points)
20 May 2016Nitesh kumar (Student) (24 Points)
20 May 2016
CS/CMA/PROF./ADV. J.B. Sirvi
(M.COM. CMA CS CA FINAL GDC&A. LLB)
(152 Points)
Replied 20 May 2016
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