maximum allowable partnership remuneration for a.y.2010-11?
This query is : Resolved
26 August 2010
plzzz tell me maximum allowable partnership remuneration limits for a.y.2010-11?
26 August 2010
http://wirc-icai.org/wirc_referencer/Income%20Tax%20&%20Wealth%20Tax/Taxation%20of%20Firms.htm
Check above link.
Check above link.
26 August 2010
The limits for partners’ remuneration under section 40(b)(v) has revised upwards and the differential limits for partners’ remuneration paid by professional firms and non-professional firms have been removed. On the first Rs.3 lakh of book profit or in case of loss, the limit would be the higher of Rs. 1,50,000 or 90% of book profit and on the balance of book profit, the limit would be 60%.
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