Remuneration and interest on capital

Kunal (student) (24 Points)

16 September 2017  
  • SUPPOSE A PARTNERSHIP FIRM HAS MAINTAINED REGULAR BOOKS OF ACCOUNTS. IS THE AUDIT LIMIT OF 8% OF GROSS TURNOVER AFTER PARTNER'S REMUNERATION AND INTEREST ON CAPITAL OR  BOTH CAN BE DEDUCTED AFTER CALCULATING NET PROFIT AFTER 8%