04 March 2015
Dear expert, my client is in partnership firm. FY 2014-15 the net profit won't be exceed 100000 in this case. does this profit to be TRF in partners capital as a remuneration and tax liability is to be nil.
04 March 2015
Maximum remuneration payable under income tax is specified under section 40(b)(v), and balance profit is taxable. After tax profit is shared then.
CAclubindia
