Partners remuneration & interest
if not mentioned Partners Remuneration & interest on capital in partnership deed.
can take remuneration & interest on capital minimum leval.
note : firm tornover is 7 lakh only and not done audit by firm Ay 15-16
please guide me
Replies (2)
Interest and Remuneration to Partners u/s.40(b) are independant of Turnover of business of assessee. Minimum remuneration allowed u/s.40(b) (of rs.1,50,000) further require authorization by deed. Therefore unless deed provides for it firm can not claim it for Income tax even though remuneration paid does not exceed Minimum Remuneration
Sir
I am file IT return under 44AD for partnership firm.
Please guide me, shude be NP is GTO 8% NP after less partner Interest or not.
And
My business/partnership start from 15 Dec., so please clear interest as per sec. 234 a,b,c laibilities.
Thanks in Advance.
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