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Remmuneration
Sir,
I have to pass remuneration entry for filing the IT return.There are three partners and the profit is 238684 so how can pass the remuneration entry in three partners??
Replies (1)
Remuneration should be as per the partnership deed, if clause has not been mentioned with any specific amount then partners remuneration is covered u/s 40B of incomet tax act and so according to it the calculation of remuneration will be as under:
If book profit before remuneration and interest is negative then: remuneration is max Rs. 150000
If positive then on first 300000 you can give remuneration of 90% and then 60% on rest of the profit.
In your case if sharing ratio is equal, then pass entry as:
Salary to partner 214815
To PArtner A 71605
To Partner B 71605
To partner C 71605
Rest of the amount will be firm's profit
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