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Partners remuneration in income tax

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24 Points Posted on 31 August 2022
partner salary paid in cash under income tax allowable as expenses??
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On 31 August 2022 at 18:54 Report
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754 Points Posted on 31 August 2022
As per Section 40(b) of the Income Tax Act 1961, Interest & Salary paid to the Partners by the Partnership Firm are allowed to be deducted as an expense only in case all the specified conditions are being adhered to.
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On 31 August 2022 at 21:40
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33 Points Posted on 31 August 2022
To be on safer side you can comply both the provisions of section 40(b) as well as 40A(3) of Income tax Act.
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On 31 August 2022 at 21:50
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CFO- at NHTF
58280 Points Posted on 03 September 2022
You can pay 10k per day per partner..

So it is advised go by cheque or other electronic modes like NEFT , RTGS, IMPS , UPI
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On 03 September 2022 at 16:54
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Chartered Accountant
86505 Points Posted on 03 September 2022
You cant pay more than 10000 in cash in one day
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On 03 September 2022 at 17:16


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