Assessement of firm

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BISWAJIT KUMAR SHAW

BISWAJIT KUMAR SHAW (Querist)
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18 March 2010 What is the basis limt of partner remuration & What is the tretment of intrest above 12%.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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18 March 2010 w. e. f. 01.04.2009 to allow deduction of

on the first Rs. 3,00,000 of the book-profit or in case of a loss Rs. 1,50,000 or at the rate of 90 per cent of the book-profit, whichever is more;

on the balance of the book-profit at the rate of 60 per cent”.

The interest above 12% is disallowed in the hands of the firm

BISWAJIT KUMAR SHAW

BISWAJIT KUMAR SHAW (Querist)
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21 March 2010 Thank u.

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