Hi Experts,
I am partner of XYZ firm, can any expert help me to calculate my tax liabilities as below.
Query:
Book Profit before Remuneration & Interest Rs. 2148059
Amounts disallowable under section 40 Rs. 500000
Less Remuneration/Interest Rs. 1493960
Gross Total Income (Firm) 1154100.00(rounded)
Firm Tax Paid:Rs.442692.00 (Tax Deducted at Source)
Question: What would be the tax liabilities for the firm ?
A.Y. : 2010-2011
PARTNERS SHARE OF PROFIT/REMUNERATION/INTEREST
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Divisible Income : 1154100 Normal : 1154100
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01/04/2009 To 31/03/2010
Share of Profit Share of Loss Remuntn. Allow Remuntn Interest Int @ 12% Share of Profit P.Type
Partner -A- 50 50 430000 505395 102980 102980 577050 W
Partner-B- 50 50 930000 1093064 30980 30980 577050 W
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Question: what would be the tax liabilities of partner A & B.
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Expecting a quick help on it
Regd. Rajesh Das
CAclubindia
