Partners Salary for Income Tax Purpose

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

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....ax 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 we....

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....re claiming Salary equally. Assumed figures were given below- Total Income - &#8377; 90,00,000/- Actual Salary claimed by partners - &#8377; 10,00,000/- Assumed Income under Section 44AD - 7,20,000....

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..../- Salary deductions claimed (300000*90/100+420000*60/100) - &#8377; 5,22,000/- Income Tax paid (720000-522000*30/100) = &#8377; 1,98,000/-*30/100 = &#8377; 59,400/- Here my doubt is whether the pa....

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....rtner needs to pay Income Tax under his own capacity on actual deduction claimed by each partner (i,e, &#8377; 2,61,000/-) or on actual salary paid to partners after the value of tax paid under Presum....

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....ptive Taxation scheme by Partnership Firm &#8377; 4,01,000/- (i.e. (Rs.10,00,000-Rs.1,98,000)/2).<br> Discussion Forum - Knowledge Sharing ....