Kindly attention ???????? urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 January 2012
DEAR EXPERT
IS AM RIGHT HERE......
ASSEESS IS A WORK CONTRACTOR
AMOUNT RECEIVED IS Rs 2401675
NET PROFIT (8% as sec 44AD)IS Rs 192134
LESS : SALARY TO PARTNERS RS 120000
TAXABLE INCOME : Rs 72134
TAX ON INCOME IS (30.3%) Rs 21857
TDS IS Rs 44319
REFUND IS Rs 22462
IS MY COMPUTATION IS CORRECT
IS AM RIGHT HERE......
ASSEESS IS A WORK CONTRACTOR
AMOUNT RECEIVED IS Rs 2401675
NET PROFIT (8% as sec 44AD)IS Rs 192134
LESS : SALARY TO PARTNERS RS 120000
TAXABLE INCOME : Rs 72134
TAX ON INCOME IS (30.3%) Rs 21857
TDS IS Rs 44319
REFUND IS Rs 22462
IS MY COMPUTATION IS CORRECT
16 January 2012
In case the partnership deed allows you can pay Interest on capital employed also.
From 192134 Deduct if Interest is to be paid @ 12%.
If no interest is payable you are correct till the 2nd line. Amount after interest is Book Profit.
.
Salary to Partners can maximum be allowed as 90% of Book Profit i.e. 172920.
This is again, subject to, terms of the partnership deed.
.
You may recalculate Tax if there is a change in salary payable to partners.
From 192134 Deduct if Interest is to be paid @ 12%.
If no interest is payable you are correct till the 2nd line. Amount after interest is Book Profit.
.
Salary to Partners can maximum be allowed as 90% of Book Profit i.e. 172920.
This is again, subject to, terms of the partnership deed.
.
You may recalculate Tax if there is a change in salary payable to partners.
16 January 2012
In this case, you can allow salary upto 90% of book profit. in such case your tax payble will be less and you can claim more refund.
If your partners does not have any other significant income advisable to increase the salary to partnes.
If your partners does not have any other significant income advisable to increase the salary to partnes.
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