Assessement of firm
This query is : Resolved
BISWAJIT KUMAR SHAW
(Querist)
18 March 2010
What is the basis limt of partner remuration & What is the tretment of intrest above 12%.
Aditya Maheshwari
(Expert)
18 March 2010
w. e. f. 01.04.2009 to allow deduction of
on the first Rs. 3,00,000 of the book-profit or in case of a loss Rs. 1,50,000 or at the rate of 90 per cent of the book-profit, whichever is more;
on the balance of the book-profit at the rate of 60 per cent”.
The interest above 12% is disallowed in the hands of the firm
on the first Rs. 3,00,000 of the book-profit or in case of a loss Rs. 1,50,000 or at the rate of 90 per cent of the book-profit, whichever is more;
on the balance of the book-profit at the rate of 60 per cent”.
The interest above 12% is disallowed in the hands of the firm
BISWAJIT KUMAR SHAW
(Querist)
21 March 2010
Thank u.
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