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Partner salary disallowance
A partnership firm has given salary to its partners exceeding the allowable limit..One of their partner died during the year. My question is whether excess salary given to the partner who died will also be disallowed...?
Replies (2)
In the given case assesse is partnership firm and not the partner who died. AS per 40(b), excess portion shall be disallowed and taxed in firm's account. The disallowed portion is exempted in partner's hand while filing his ITR (hence no double taxation). Deceased partner ITR should be filed by his Legal heir/representative.
Thank you
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