can I pay entire max. remuneration allowed under income tax to only one partner instead sharing it to all partners to claim allowable expenses.?
means if I have 3 lakh profit then I credit 2.7 lakh remuneration to 1 partner and no remuneration to other partners.
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Remuneration to Partners
Replies (5)
remuneration paid only to managing partner if it is one or more if it mentioned in the deed
Yes, you can do so.
all are assumed to be managing partner..except if mentioned as sleeping partner
As per provisions remuneration cannot be given to sleeping partners, there is rule telling all remuneration has to be given to all managing partners...
yeah and if nothing mentioned in partnership deed all are deemed as working partner and remuneration allowed to them
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