EASYOFFICE
EASYOFFICE

Taxability of partnership firm

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
23 March 2015 i have a query about how to calculate tax on book profit of the partnership firm & distribution of allowed remuneration to partner as per law.below is the details..

total turnover- 629389/-
book profit 65184/-[after exps.]
profit sharing ratio- 99:1

pl give the solution


Profile Image

CS,CA F,Numrologi TusharSampat

Profile Image

CS,CA F,Numrologi TusharSampat (Expert)
23 March 2015 max allowable salary for partners is 90% book profit or 150,000 (higher)

then reduce this from book profit and the balance is taxable @30%
Profile Image

Rupesh Jain

Profile Image

Rupesh Jain (Expert)
23 March 2015 you can take remuneration upto rs 150000/- or 90% of the book profit which ever is higher.
Upgrade to CAclubindia Pro. Subscribe Now!

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
25 March 2015 SORRY TO SAY BUT I AM CONFUSED THAT IS THE INCOME OF FIRM MUST BE TAXABLE ?
Profile Image

CS,CA F,Numrologi TusharSampat

Profile Image

CS,CA F,Numrologi TusharSampat (Expert)
25 March 2015 yes it is taxable...........................

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro

Trending Online Classes

view all classess


Answer Query



Quick Links