ANJAN KUMAR GANGULY (CHARTERED ACCOUNTANTS) (24 Points)
08 July 2016
Pattabhi Ramarao Mothadugu
(Working)
(44 Points)
Replied 08 July 2016
I understood that you are enquiring about deduction in the hands of the firm.
In case of remuneration:
Only that paid to working partner and not other partners
It should be authorised by partnership deed and with in that it is calculated as below
on first 300,000 book profits - 150,000 or 90%of book profits whichever is higher and on the balance books profits - 60% is allowed,
In case of interest on capital:
It should be authorised by partner ship deed
and upto 12% only firm can get the deduction.
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