25 May 2017
I have a query regarding salary to be paid on monthly basis to working partner(2) in a partnership firm. Example : Firm with 2 partners and capital of Rs.50000/-. How to calculate monthly salary for both working partners with some examples of Profit or Loss.
25 May 2017
Partner salary to be calculated u/s 40(b) first three lakh of the profit or in case of loss, Rs.150000/- or 90% of profit which ever is more On balance profit 60% of the Profit.
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