Minutes

This query is : Resolved

Divya Karthik (Querist)
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01 November 2010 Can any experts pls help me to frame mintues for a partnership firm in respect os partners remuneration for the AY 2010-11.

Urgent

haridhayalan

haridhayalan (Expert)
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01 November 2010 (I) in case of a firm carrying on a profession—

(a) on the first Rs. 1,00,000 of the book-profit or in case of a loss

(b) on the next Rs. 1,00,000 of the book-profit

(c) on the balance of the book-profit

(a)Rs. 50,000 or at the rate of 90 per cent of the book-profit, whichever is more; (b)at the rate of 60 per cent; (c)at the rate of 40 per cent respectively.

(2) in the case of any other firm—

(a) on the first Rs. 75,000 of the book-profit, or in case of a loss

(b) on the next Rs. 75,000 of the book-profit

(c) on the balance of the book-profit

(a)Rs. 50,000 or at the rate of 90 per cent of the book-profit, whichever is more; (b) at the rate of 60 per cent; (c)at the rate of 40 per cent respectively.

The revised limits as under:

(a) on the first Rs. 3,00,000 of the book-profit or in case of a loss

(b) on the balance of the book-profit

(a)Rs. 1,50,000 or at the rate of 90 per cent of the book-profit, whichever is more; (b)at the rate of 60 per cent;

Applicability - This amendment has been made applicable with effect from 1st April, 2010 and will accordingly apply in relation to the assessment year 2010-2011 and subsequent assessment years.