banner_ad

Partner salary

ITR Filing 422 views 4 replies
User Avatar

Student
85 Points Posted on 06 January 2019

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.

0 Reply Share Follow
On 06 January 2019 at 23:04 Report
Replies (4)
User Avatar

52 Points Posted on 06 January 2019
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
Reply
On 06 January 2019 at 23:24
User Avatar

16 Points Posted on 06 January 2019
remuneration to partner should be authorised by partnership deed. hence resolution won't work. u need to mentioned about remuneration in partnership deed
1 Reply
On 06 January 2019 at 23:26
User Avatar

Team Lead
7558 Points Posted on 06 January 2019
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
Reply
On 06 January 2019 at 23:51
User Avatar

"Do the Right Thing...!!!"
128152 Points Posted on 07 January 2019
Yes... I agreed to above said Replies...

Better to prepare New Deed with said Partners details and Remuneration Details...
Reply
On 07 January 2019 at 14:31


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details