For a partnership firm there is no legal laws involved to fix the remuneration. You can pay as per agreement and terms.
However its only that Income Tax allows only certain percentage for tax purpose.
For income tax purpose you can claim upto 1,50,000 or 90% of remuneration if profit is upto 3,00,000.
Posted 3 years, 8 months ago by CA Pulkit Sharma
You need to be logged in to reply.