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Partner salary

ITR 413 views 4 replies
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Student
85 Points Joined July 2017

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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On 06 January 2019 at 23:04 Report
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52 Points Joined November 2018
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
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On 06 January 2019 at 23:24
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16 Points Joined December 2018
remuneration to partner should be authorised by partnership deed. hence resolution won't work. u need to mentioned about remuneration in partnership deed
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On 06 January 2019 at 23:26
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Team Lead
7558 Points Joined November 2011
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
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On 06 January 2019 at 23:51
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
Yes... I agreed to above said Replies...

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

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