Partners salary
This query is : Resolved
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.
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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