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Shakir Ravjani (Student)     28 July 2018

Taxability of Interest and Remuneration to partner

What isTaxability of Interest and Remuneration to partner?


 9 Replies

Ruchika Somani

Ruchika Somani (Coaching and Practice in Tax Audit Law.)     28 July 2018

taxability in the hands of whom?

Kaushik Jain

Kaushik Jain (Student)     28 July 2018

taxable but share of profit is exempt!!!
Shakir Ravjani

Shakir Ravjani (Student)     28 July 2018

taxable in the hands of partner!... please quote section
Kaushik Jain

Kaushik Jain (Student)     28 July 2018

48(2)(b)
Ruchika Somani

Ruchika Somani (Coaching and Practice in Tax Audit Law.)     28 July 2018

Remuneration and Interest received will be taxable.

Only share from firm i.e share in profit is exempt in hands of partner u/s 10(2)

Shakir Ravjani

Shakir Ravjani (Student)     28 July 2018

isn't there some limit up to which interest and remuneration exempt to firm and taxable to partner... beyond such limit it is taxable to firm and exempt to partner?
Ruchika Somani

Ruchika Somani (Coaching and Practice in Tax Audit Law.)     28 July 2018

Originally posted by : Shakir Ravjani
isn't there some limit up to which interest and remuneration exempt to firm and taxable to partner... beyond such limit it is taxable to firm and exempt to partner?

No No there is nothing like such

Nikki Goel

Nikki Goel   29 July 2018

yes there is limit upto which remuneration is exempt in hands of firm and taxable in hands of partner as per section 40(b) whereby out of first 300000 of book profits or in case of book loss ,remuneration allowed is rs.150000 or 90% of book profits whichever is higher
n out of balance book profits , remuneration allowed is 60% of book profits

further interest to partners allowed in hands of firm is upto 12% .
Deepak

Deepak (na)     03 August 2018

Yes agree with Nikki. The limit upto which interest and remuneration are taxable in the hands of the partner is only deductible from the profit of the firm

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