Partners Salary for Income Tax Purpose

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..... Partners Salary for Income Tax Purpose
Query (Issue) Started By: - Ashoka G Dated:- 31-1-2017 Income Tax
Income Tax
Sir/Madam, If a partnership firm pays salary to partners and pays Income .....

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..... Tax under Presumptive Scheme. Here the deduction claimed by the partner is claimed only on 8% of Income computed This salary deduction claimed is as per section 40(b) of the Income Tax Act. Partners w .....

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..... ere claiming Salary equally. Assumed figures were given below- Total Income - ₹ 90,00,000/- Actual Salary claimed by partners - ₹ 10,00,000/- Assumed Income under Section 44AD - 7,20,00 .....

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..... 0/- Salary deductions claimed (300000*90/100+420000*60/100) - ₹ 5,22,000/- Income Tax paid (720000-522000*30/100) = ₹ 1,98,000/-*30/100 = ₹ 59,400/- Here my doubt is whether the p .....

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..... artner needs to pay Income Tax under his own capacity on actual deduction claimed by each partner (i,e, ₹ 2,61,000/-) or on actual salary paid to partners after the value of tax paid under Presu .....

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..... mptive Taxation scheme by Partnership Firm ₹ 4,01,000/- (i.e. (Rs.10,00,000-Rs.1,98,000)/2).
Discussion Forum - Knowledge Sharing .....

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