Income tax saving in partnership firm
This query is : Resolved
indrakumar
(Querist)
10 October 2020
we going to file the income tax return partnership firm For the FY-19-20.
total turnover. 1,12,00,000
profit @7%. 7,84,000
remunatration 3lakh per partner. 5,60,400
total income. 2,23,600
30% tax. 67,080
4% cess. 2,683
tax payable. 69,763.
please tell me how to save the income tax
total turnover. 1,12,00,000
profit @7%. 7,84,000
remunatration 3lakh per partner. 5,60,400
total income. 2,23,600
30% tax. 67,080
4% cess. 2,683
tax payable. 69,763.
please tell me how to save the income tax
CA Pawan Koradia
(Expert)
16 October 2020
Pay interest to partners at 12%, if provided in the partnership deed. Also, you have to pay interest under section 234A/B/C as advance tax is not paid.
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