Dear All.
Please provide me , Partner Salary as income tax rule in a Partnership Firm
2 Replies
CA Nitin Wadhwani
(Chartered Accountant)
(4469 Points)
Replied 23 August 2008
1.90% of first 75000 or 67500 whichever is higher,
60% of next 75000 or 45000 whichever is higher,
40% of balance book profit.
2.
1.90% of first 100000 or 90000 whichever is higher,
60% of next 100000 or 900000 whichever is higher,
40% of balance book profit.
1 - trading firm
2- professional firm
book profit= net profit + salary provided to partners.
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