TMI BlogPartners Salary for Income Tax PurposeX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir/Madam, If a partnership firm pays salary to partners and pays Income Tax under Presumptive Scheme. Here the deduction claimed by the partner is claimed only on 8% of Income computed This salary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deduction claimed is as per section 40(b) of the Income Tax Act . Partners were claiming Salary equally. Assumed figures were given below- Total Income - ₹ 90,00,000/- Actual Salary cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aimed by partners - ₹ 10,00,000/- Assumed Income under Section 44AD - 7,20,000/- Salary deductions claimed (300000*90/100+420000*60/100) - ₹ 5,22,000/- Income Tax paid (720000-5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 22000*30/100) = ₹ 1,98,000/-*30/100 = ₹ 59,400/- Here my doubt is whether the partner needs to pay Income Tax under his own capacity on actual deduction claimed by each partner (i,e, &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8377; 2,61,000/-) or on actual salary paid to partners after the value of tax paid under Presumptive Taxation scheme by Partnership Firm ₹ 4,01,000/- (i.e. (Rs.10,00,000-Rs.1,98,000)/2). - Par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tners Salary for Income Tax Purpose - Query Started By: - Ashoka G Dated:- 31-1-2017 Income Tax - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nagement India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
