Dear Friends,
Please describe if partners salary breakup (Like Basic, HRA, Transport allowance etc) possible or not under income tax act.
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Partner salary breakup
Replies (6)
Partner is not employee of the firm so salary breakup is not possible sir wait for others replay
Remuneration received from partnership firm is going to taxed under the head Business or Profession of Partner. Hence, there is no question arise for bifurcation of salary in terms of HRA or Allowances.
Hence, it is not possible under the Income Tax Act, 1961.
E-mail: ca.jainam @ gmail.com
Partner of a firm is not an employee. Even though, the term 'salary' is used, but this income is assessed under income from business/profession.
completely agree with all.
As firm is already taxed ... then there is no mean to bifurcate the salary of partner.
agree
partner is not an employee of firm
partner's salary is taxable under pgbp hence breakup not possible
Thanks friends for your valuable replies
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