Does commission/salary to partner
Atharv Sankliya (1359 Points)
05 November 2021
does commission/salary to partner is expense for business ??
4 Replies
yasaswi gomes
(My grammar is 💯 good I)
(7296 Points)
Replied 05 November 2021
I think salary goes to partners current account and appropriation account. Download and save this 2-Ch. (Partnership Firm-Basic Concepts (Ver.-5).pmd (ncert.nic.in)
CA Altamush Zafar
(GST Consultant)
(15986 Points)
Replied 06 November 2021
Yes both commission and salary to a partner are expense for the business. However allow-ability of such expense in Income Tax will depend on its provisions.
Atharv Sankliya
(1359 Points)
Replied 06 November 2021
Means appropriation of profit is also expense??
CA Altamush Zafar
(GST Consultant)
(15986 Points)
Replied 06 November 2021
Yes it is treated as below the line item but it is allowable in Income Tax as expense upto certain limits
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