Can a Partnership pay Partner Salary
Last updated at April 16, 2024 by Teachoo
Chapter 7 Business Income-Patnership
How Many Pan Card and ITR in case fo Partnership
Comparison -Income Tax for Proprietroship and Partnership
Section 44AD in Case of Proprietorship and Partnership
Section 44ADA in Case of Proprietorship and Partnership
Section 44AE in Case of Proprietorship and Partnership
Can a Proprietorship claim Proprietor Salary
Can a Partnership pay Partner Salary You are here
Max Salary/Remuneration in case of Partnership
Can Interest on Capital be paid in case of Proprietorship/Partnership
ITR Forms of Partnership and Partners
Courses
Free Income Tax Certification Course
- Chapter 1 Introduction
- Chapter 2 Different Heads of Income
- Chapter 3 Different ITR Forms & Due Dates
- Chapter 4 Income Tax Rates
- Chapter 5 Income from Salary & Deductions
- Chapter 6 Business Income-Proprietorship
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Chapter 7 Business Income-Patnership
- Chapter 8 Income from House Property
- Chapter 9 Income from Capital Gain
- Chapter 10 Employee on Contract
Transcript
Can a Partnership Pay Partner Salary? Turnover 7000000 6000000 6000000 Gross profit 1000000 Less Salary of Staff 600000 (Direct 8% of Turnover is profit) No Expenses Considered) 7000000 Profit 8% 560000 pgbp income 560000 Tax 168000 If Audit Done (Audit Fees 30000) Turnover 7000000 Less Purchases 6000000 Gross profit 1000000 Less Salary of Staff 600000 (Actual Expenses Considered + Audit Fees+ Salary of partner Salary to Partner is also an expense as Partnership and Partners are Different Legal Persons) But there is Max Limit of Salary
