Dear sir one partnership firm Turnover is Rs 1289074
Only two partner in this firms
can I show salary to both partner is Rs 250000 and interest on capital is Rs 34324 is 12% of opening capital
after All expenses the NP is Rs 9955 only
2 Replies
Kapadia Pravin
(17259 Points)
Replied 21 August 2019
Salary and interest both possible but it should be permissible and be according to terms of Partnership Deed.
Kamal Verma
(Financial advisor)
(582 Points)
Replied 21 August 2019
Remuneration to partner is allowed in you case is Rs. 2,30,360.00
90% of book profit Rs. 2,30,360
Yes interest and remuneration to the extent of allowed can be paid.
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