Net proft
This query is : Resolved
09 March 2018
Sir,
we have profit Rs.523000/- out of 523000/- we have paid Rs.280000/- to both partner salary according to partnership dead.so please advise to me i need to pay income tax 30% as an amount of 523000/- or ( 523000-280000 ) 243000/-
we have profit Rs.523000/- out of 523000/- we have paid Rs.280000/- to both partner salary according to partnership dead.so please advise to me i need to pay income tax 30% as an amount of 523000/- or ( 523000-280000 ) 243000/-
KAVIRAJA ADDANGADI
(Expert)
09 March 2018
Tax liability arise after setting of Partners salary allowed as per partnership deed and worked as per sec 40b of Income tax act so you are liable to pay balance after allocating salary within the limit of sec 40b 280000/- balance 243000/- is taxed @30.9% Rs.75087/-
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KAVIRAJA ADDANGADI
(Expert)
10 March 2018
a. On the first 3,00,000 of book profits or in case of a loss Rs. 1,50,000 or at the rate of 90% of the book profit
(whichever is higher)
b. On the balance of book profits at the rate of 60%
(whichever is higher)
b. On the balance of book profits at the rate of 60%
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