Partnership firm declared profit below 8%

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2018 Dear Experts,
Partnership firm having net profit 14030 before partners remuneration. Pls let me know In this case how much maximum remuneration can be given to partners.

Thanks
ASAP

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 September 2018 You may refer the remuneration clause in the partnership deed to determine
remuneration in case of inadequate profit.

Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2018 Sir pls let me know In accordance with the provisions of sec 40(b) of income tax act. Whether we can take full 14030 or can claim up to 150000 I mean in loss

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