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Partership Remuneration
Remuneration paid to patner exceeds under sec 40(b). Then such excess remuneration will be taxable in hands of partners???
Replies (1)
As per Section 28(v) any income received by the partner from the firm is chargeable to tax but proviso says that the disallowed part u/s 40(b) shall be adjusted to the extent of disallowed amount.
That means to say you should not tax the disallowed portion in the hands of partner since the same suffered tax in the hands of the firm.
That means to say you should not tax the disallowed portion in the hands of partner since the same suffered tax in the hands of the firm.
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