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

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Sr. Accountant

[ Scorecard : 87]
Posted On 13 June 2011 at 12:00 Report Abuse

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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