It also reports to the Board on its activities at least every six months and no later than the time limit for the approval of the Annual Report and the Interim Report at June 30, at the Board meeting designated by the Chairman of the Board of Directors. Furthermore, in exercising its ...
Remuneration which is allowed as expenses in the hands of partnership firm willbe taxablein the hands of receiving partner as “Income from Business or Profession”. If such remuneration is not allowed as expense in hands of partnership firm then it will not be taxable in the hands of partners...
(ii) Co-partnership, (i) Profit Sharing: It is quite clear from the meaning that an agreement is made between the employer and the employees that additional payment must be made in cash to the workers in addition to their normal rate of wages out of the profit that is earned by the f...