How to calculate book profit in partnership firm
This query is : Resolved
04 September 2014
Profit of a Firm Rs3000/=
Interest on Capital @ 12 % = Rs60000/-
Partners Salary paid and Debited = 240000/=
Book Profit is 303000/-
Eligible Partners Salary is 90% of 303000
which is 272700 . In this case 240000 is OKay . No Amount Inadmissible .
Net Profit is 3000/- . Tax to be paid @ 30% plus Cess etc .
Is the Calculation Correct ??
Please reply at the earliest .
Interest on Capital @ 12 % = Rs60000/-
Partners Salary paid and Debited = 240000/=
Book Profit is 303000/-
Eligible Partners Salary is 90% of 303000
which is 272700 . In this case 240000 is OKay . No Amount Inadmissible .
Net Profit is 3000/- . Tax to be paid @ 30% plus Cess etc .
Is the Calculation Correct ??
Please reply at the earliest .
28 July 2024
https://docs.google.com/document/d/1BEEQeJjs_DH0NbTnB5Cx8OyodLE4F6Xm57ZFXHeKmkU/edit?usp=sharing
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Rent lease agreement
- Relief u/s Section 89
- SGST balance is there in credit ledger how to adjust for cgst
- REGARDING SECTION 44AE
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
