Sir, I need clarification in the accounting of Partners remuneration
Where to show remuneration from partnership firm in financials of a partner. whether in Capital A/C or Profit and Loss A/C for Accounting and Income tax purposes.
Thank You
Menu
PARTNERS REMUNERATION ACCOUNTING
Replies (1)
Remuneration to Partners is not the share of any profit of the firm. It is assessable to tax in Partner's hand. Hence should be credited to Profit & Loss account in the Partner's books of accounts.
Recent Topics :
- This is a gift for all Chartered Accountants and P
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Wallet query for GST.
- 25-26 exempted sales
- Hotel stay below Rs.1000/- GST applicable or exemp
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Generate E-Way Bill for 4 Nos. Suppliers Involveme
- Section 54F Exemption
- Would you use a free, open-source alternative to s
- Business & Finance
Related Topics :
CAclubindia
