There is net loss of Rs.12,000/- before providing Partners remuneration. Remuneration as per deed is Rs.3,30,000. so net loss cames to Rs.3,42,000. Then remuneration has been disallowed and a loss of rs. 12,000 has been filed in firms return. By mistake the minimum remuneration of 1,50,000 has not been calimed in firms return.
My query is in the partners individual Income Tax return the salary from the firm will be 3,30,000 or nil?
it cannot be nil either 330000 or 180000
i think a revised return should be filed
and partner wil show in his return 180000
T R SOOD & CO
New Delhi
CA Inter
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Shaswat initial support private limited
Ahmedabad
CS
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CAclubindia
