Remuneration to partner

KIYOSH (TAX CONSULTANT) (332 Points)

18 June 2011  

REGARDING PARTNERSHIP FIRM

NET PROFIT OF PARTNERSHIP FIRM IS 10 LAC. FIRM IS ALSO HAVING FIXED DEPOSIT WITH BANK & INT RECD ON IT IS 1 LAC. TOTAL INCOME OF THE FIRM IS 11 LAC.

NOW MY QUESTION IS SHALL I COMPUTE REMUNERATION TO PARTNER ON 10LAC OR 11 LAC.

THANKS IN ADVANCE

KIYOSH