01 May 2008
How to calculate allowable remuneration in the case where firm is carring on two businesses one is speculation business and other is non speculation?
01 May 2008
What will be the allowable remuneration under Income Tax Act in following situation, if firm is carring on more than one business? Non speculation profit fr0m one business-Rs. 400000/-, Non speculation loss from second business-Rs. 200000/- and Speculation loss- Rs. 200000/-. What will be remuneration? Rs. 50000/-??
02 May 2008
Pls refer my answer to your another question. Remember, where, there is speculation loss it can't be offset with non-speculation gains, so in that year you calculate book profit without deducting those losses. but speculation gain are taxable so in that year you calculate book profit after adding them (obviously after offsetting them with speculation losses carried forward, if any).
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