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PARTNERS SALARY

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(Querist)
24 April 2009 dear frinds,

please help me on this matter ,if a partnersip firms have a book profit for rs 6,05,000/- after depricition ,than how to calculate salary of partners.please advice me its urgent.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
24 April 2009 It is presumed that intt on capital has already been provided. The maximum amount of salary allowable will be:

90% of First Rs. 75000
60% of Next Rs 75000
40% of Balance Rs. 455000

The total of three calculations will be the maximum salary allowable subject to the provisions contained in the Partnership Deed.
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CMA KNVV Sri Vidya - Sri Kanth

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CMA KNVV Sri Vidya - Sri Kanth (Expert)
24 April 2009 agree with expert
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