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
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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
