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Partners salary

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11 April 2012 in partnership firm how many i show partners salary
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
11 May 2012 For Income Tax purposes, maximum salary allowed will be computed as per Section 40(b)(v) as under:

On the first Rs. 3lakhs of book profit or loss - Rs. 1,50,000 or 90% of book profits whichever is more.

On the balance book profits - 60%.

For this purpose book profit shall be computed after adding salary paid to partners.
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