whether partners remuneration is allowed upto Rs.12 lacs
Illustration:
deed says only upto Rs.10 lac remuneration in aggregate be provided
As per I.T. act, partners are eligible for upto Rs.15 lacs
Where as in the books Rs.12 lacs was provided.
The DOUBT IS WHETHER Rs.12 lacs be claimed inthe financials and thereby claim TAX benefits.
Note: there is no amendment in the Deed.
Awaiting the Golden hearts to share their Experience.
Note: in VK Singhania Sir's book it is mentioned that YES Rs.12 lacs be claimed.
CAclubindia
