Sir,
A partnership firm hospital maintained working three partners (doctors) in hospital.consultation fees paid to partner (doctor) for service in the hospital and partner remenuration separate paid as per partner ship deed.
Question:
Firm paid to doctor for consultation fees and remuneration both allowed in it act.
No matter by what name we call it. Whether its salary, fee or other payment in return of service it will be considered as remuneration to partner.
IT act limits remuneration as follow:
- On first 3 lakhs of book profit or in case of loss – ₹ 1, 50,000 or 90% of book profits (whichever is higher).
- On the balance book profit 60% of book profit
There is no limit on remuneration amount, limit is for claiming expense in firm books.
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