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Remuneration of retiring partnet

Others 492 views 6 replies
one of my clint has partnetship firm in which one of the partnet died during f.y 2014-15 remuneration paid to tetiring partnet up to date of death but in 143(1) intimation remuneration disallowed and demend raised. so members please gide how i rectifi the demand.
Replies (6)

It will be allowed sbjuct to Provision of Section 40B and Terms of Deed. Remuneration paid only upto date of death is allowed. If after his death no capital has repaid, still the deceased partner can have interest on capital as well as share of profit.

What can do is login to income tax website and reply to the intimation. Remuneration can be allowed.

For further clarification, just reply me.

sir please detail about rectification.

sir please give detail for rectification in income tax login. thanka

login to income tax website - go to 'my pending actions'
you will see your notice. you click on submit response. There you can write your answer.

I think remuneration paid to partner has not been disclosed in ITR of firms

Yes Sir In ITR of Firm ITR5 in  total of col. (8) of item E of Partner’s/Members information under Part A-Gen not tallied with Remuneration Debited in Profit & Loss Account because in that Coloum Only those Partner who are Partner on 31.3.15 but one of the Partner Retired During 2014-15.

 


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