hello
I'd a query regarding partners remmunaration u/s 40b that can remmunaration allowable be more then actual remmunaration credited to partner's capital account?
this situation is arising because the actual remmunaration of the partner credited to capital account is as per profit earned by the firm, however after adding the disallowed expenses book profit as per 40b is increasing and hence remmunaration as per income tax act is increasing, so can i claim the increased remmunaration so calculated?
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Partner's Remmunaration
Replies (2)
40(b) provides for the maximum amount payable as remuneration to the partner as per IT act. If the amount actually paid is less than the limit mentioned, then that amount alone will be allowed u/s 40(b)
Yes... I agreed to Mr Dibin Divyakumar.
@ Mr Saeed Dhukka.,
Yes... If remuneration as per it act is more than actual paid then Balance will be taken (or transfer to capital (current) account) by partners..
@ Mr Saeed Dhukka.,
Yes... If remuneration as per it act is more than actual paid then Balance will be taken (or transfer to capital (current) account) by partners..
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