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Partners remuneration in income tax
partner salary paid in cash under income tax allowable as expenses??
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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.
To be on safer side you can comply both the provisions of section 40(b) as well as 40A(3) of Income tax Act.
You can pay 10k per day per partner..
So it is advised go by cheque or other electronic modes like NEFT , RTGS, IMPS , UPI
So it is advised go by cheque or other electronic modes like NEFT , RTGS, IMPS , UPI
You cant pay more than 10000 in cash in one day
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