Hi..
X (Individual) have Intra day profit and Hp income . My doubt is that whether he had to file ITR 3 or ITR4

Kindly, guide me if i am correct as to the following calculation of Remuneration u/s 40(b).

Net profit post remuneration : 36476 (*above 8% of turnover),
Remuneration to partners:240000.,

Therefore, book profit is 276476 (net profit as increased by actual salary).

Allowable remuneration as per sec 40(b) is 248828 ( 90% of book profit)

Tax to be payable by firm is
Profit/(Loss) as per Profit & Loss account 36,476

Add: Inadmissible expenses & Income not included:
Remuneration to partners / members debited in P&L a/c 240,000
Total 276476
Less: Remuneration and Interest to partners - U/s.40(b) (248,828)

Net profit 28657

If the above treatment is correct, I have this doubt " How can we claim more remuneration (248828) than what we have actually incurred (240000).

Awaiting the response

Thanks & Regards,
Mahesh

I am a CA student but I really want to become an astronaut now because I love the moon. i want to go there .
So as per ICAI guidelines can a student do his Articleship from the moon.....so that my career is not affected due to this passion of mine.

and after clearing CA can i become a partner in BIG-4 from MOON only.
i also want to open a branch of ICAI on the MOON ....is it possible ?

Sir, yesterday on 22.6.2017 I enquired about calculation of long term capital gain and suggestions for investments to save income tax.
But my enquiry is still unanswered.
If there is any other formalities to fulfill pl let me know.
Pl help me.
Thank you
Yours
Subhash chandra sharma

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