27 June 2016
Hi everyone Greetings for the day ! me along with my friend started a firm in October this year . we stated in deed that remuneration to partners will be given as per income tax rules. can we claim salary as per IT Rules i,e 90%/ 1.5 L for first 3 lakhs and bal @ 60% of book profits?
2) our profit for this 6 months is rs 126000 only. can we claim 150000 as salary by following rules ? 3) should the remuneration be proportionately taken for 6 months i,e 75000 or full 150000. 4) if we take such remuneration then our profits is less than 8% of turnover. should we required to get tax audit in such case?
please anyone guide me in this matter. thanks & regards prashanth
CAclubindia
