23 February 2010
The Income Tax Act prescribes the ceiling limit upto which any payment of salary, bonus, commission or remuneration will be allowed as deduction for income of LLP :-
On First Rs 3,00,000 of book profit or in case of loss :-
Rs 1,50,000 or at the rate of 90% of the book-profit, whichever is more
On the balance of book profit :- at the rate of 60%
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