Book Profit(Net Profit) used for Partner Salary calculation for allowed deduction from Income for LLP
a} Book Profit = Income - Expenses* - Depreciation
b} Book Profit = income - Expenses*
(* Allowed Expenses without any sal to Partner)
a or b?
1 Replies
AbhiBahri
(Student)
(31 Points)
Replied 17 July 2016
A) Bcz Depericiation & Expense is debited to p&l a/c and salary is debited to p&l appropriation as anythng given to partners is charge against profit appropriation
Recent Topics
- Taxability of income in USA of resident oci holder
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
Related Threads
CAclubindia
