Partnership firm paying salary to its working partner whereas in partnership deed salary for partner is not mentioned but resolution was passed for paying salary to partner, will it be allowed while computing income tax or same will be disallowed...please advice.
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Partner salary
Replies (4)
Remuneration paid to partner is allowed subject to secrion 40(b)
40(b) specifiaclly says any remuneration ia not authorised or not in accordance with partnership deed will be disallowed
so in aforesaid case it will be disallowed
40(b) specifiaclly says any remuneration ia not authorised or not in accordance with partnership deed will be disallowed
so in aforesaid case it will be disallowed
remuneration to partner should be authorised by partnership deed. hence resolution won't work. u need to mentioned about remuneration in partnership deed
get a corrected p'ship incorporating the remuneration clause in it and get it registered with the ROF. After that you will be able to claim the deduction for partner's salaru
Yes... I agreed to above said Replies...
Better to prepare New Deed with said Partners details and Remuneration Details...
Better to prepare New Deed with said Partners details and Remuneration Details...
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