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Book profit

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Querist : Anonymous

Querist : Anonymous (Querist)

07 October 2012 please give the formula of Book profit for partnership and Pvt. Ltd. co's for calculation of partner's remunaration and directors remunaration.

Thanking you

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 October 2012 Explanation 3 to Section 40(b)(v) provides the manner to compute the boom profit for calculating remuneration to partner's.

Book profit means profit as computed under the head Income from Business or Profession as increased by the amount of remuneration debited to P&L account.

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