The net profit of a partnership firm is Rs. 2027266, whether it can charge Rs. 300000/- as remunearation to partner????
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Remuneration to partners
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Since, the profit is Rs.20 lakhs, it definitely can charge the remuneration to partners at Rs.3 lakhs or more...(refer sec.40b)
Upto Rs.3,00,000/- 90% i.e., 2,70,000/-
rest @ 60% i.e., 10,36,360/-
in total maximum remuneration of Rs.13,06,360/- can be charged.
Agree with Mr. Vikas. The maximum remuneration that can be charged is 13,06,360/-. It cannot exceed that. But it can be anything below the maximum.
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