The net profit of a partnership firm is Rs. 2027266, whether it can charge Rs. 300000/- as remunearation to partner????
3 Replies
Vikas
(CA)
(1135 Points)
Replied 23 September 2011
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.
Ankit
(Final Student)
(101 Points)
Replied 23 September 2011
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.
(Guest)
follow this calculator
https://taxbykk.blogspot.com/2011/07/fastest-calculator-of-max-remuneration.html
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