Salary to partners u/s 40(b) - such individual is not a partner ...

Section 40(b) allows salary deduction for partners acting as HUF karta, not in individual capacity.

February 18, 2012

Case Laws Income Tax AT

Salary to partners u/s 40(b) - such individual is not a partner of the assessee-firm in his individual capacity but he is a partner in the capacity of representative of HUF of which he is a karta - deduction u/s 40(b) allowed

View Source

← Previous Next →

Salary to partners u/s 40(b) - such individual is not a partner ...

Section 40(b) allows salary deduction for partners acting as HUF karta, not in individual capacity.

February 18, 2012

Case Laws Income Tax AT

You may also like:

PCIT has rightly invoked extraordinary revisionary powers as are enshrined in Section 263 as no inquiry, verifications and ivestiigations were made by the AO before...

Partnership firm - deduction u/s 40(b) - AO observed that partnership firms could not exist with artificial persons alone - there is nothing in that section to conclude...

Deduction of interest and salary paid to partners u/s 40b (IV) and 40 b(V) - order u/s 144 - The provisions of section 184(5) of the Act is very clear and according to...

Disallowance of partners’ salary from undisclosed income - deduction allowed - AT

TDS u/s 192 - commission paid to partner - considering the provisions of Explanation 2 to Section 15 of the Act which includes salary, bonus, commission or remuneration...

Interest on capital paid to the partner - payment of interest by the two partnership firms towards use of partners’ capital - Expenditure incurred on account of...

Capital Gains - Whether land belonged to the ''HUF'' and not to the assessee? - there was no mentioned that the land was being sold by the assessee as Karta of 'HUF' -...

Deemed dividend u/s 2(22)(e) - determination of substantial interest / voting rights in the company - clubbing of the shares held by the individual and shares held by...

Prosecution of the 'Karta' of HUF when cheque issued by the HUF got dishonored - whether an H.U.F. will constitute an “association of individuals” according to the term...

Disallowance of remuneration paid by the assessee to its Working Partner u/s 40A(3) - Cash payment of expenditure in excess of specified limit - Scope of separate...

Deduction u/s 80-IC in respect of the amount added back under Section 40(a)(ia) - even if the expenditure is disallowed u/s.40(a)(i) of the Act, the result will be that...

Exemption u/s 54F - LTCG - transactions was done as a Karta of the HUF OR in his individual capacity - Revenue should equally allow the relief from such taxation where...

TDS u/s 194H or 192 - addition u/s 40(a)(ia) - Non-deduction of TDS on payment of commission to directors - appellant considered payment as salary and deducted TDS u/s...

Disallowance of remuneration paid to working partners - instead of specified remuneration in the partnership deed, it is linked to provisions of section 40(b)(v) income...

Remuneration to partners - Deduction u/s 40(b) - whole income embedded in P & L account of assessee is to be taken into consideration for allowing deduction of...

Quick Updates: