check : - How to calculate book profit and allowable partner salary

Sr. Accountant

The amount of salary to all the partners for the previous year cannot exceed the limits given below.

as Finance (No.2) Act, 2009 w.e.f. 1/4/2010

(a) On the first3,00,000 of book profit or in case of a loss

@ 90% of the book profit or1,50,000, whichever is more

On the balance of book-profit

@ 60% of the book profit.

Rate of Tax

Firms are taxable at a rate of 30% flat. But if having long-term and short term capital gains then 20% and STT @ 15% respectively. No Surcharge will be levied for A.Y. 2010-11, but Education Cess @ 2% will be applicable.

 
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