19 September 2009
hello should we deduct dividend received from co-operative bank from net profit to arrive at book profit for the purpose of remuneration....??? (shares are held as investment.) regards
19 September 2009
As the investment hold as business investment so the dividend is consider as business income and should not be deducted 4 the calculation of partners remunaration.
19 September 2009
Dividend from co-operative bank is not exempt from tax therefore can not be deducted from income to calculate the remunaration payable to partners. Had it been received from company then it may have been deducted from income.
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