Urgent , Remunaration clause?????

bhavik mehta (C.A.) (526 Points)

15 June 2010  

hi

as per new amendment in clause of remuneration in Itax, remuneration : 

  1. Salary etc. allowed to the working partners shall be as given below:

(i) First Rs.3,00,000 of the book profits                     90% or Rs.1,50,000 whichever is higher

(ii) On the balance                                                       60%  

Question is, in one of the case , if book profit is 110000, then what amount of remunearion is deductible under Income tax??????

thanks in advance.