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Partnership

This query is : Resolved 
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(Querist)
05 July 2011 1. Whether salary paid to partner will be shown in P & L A/c or Appropriation account.
2. Whether provision for tax will be made on gross tax payable before TDS or after it.
3. whether to show paise in the books of accounts.

Please provide on some reasonable basis such as Law or act etc.
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Sanjeeva Reddy

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Sanjeeva Reddy (Expert)
05 July 2011 1. Salary paid to partner will be shown in the p & L a/c. However for the pupose of calculating tax payable the same shall be added back to profit and the amount allowed will be as per Sec 40B of Income Tax Act.

2. Provision for tax is to be made only if there is net tax payble after deducting TDS, Advance Tax, Rebate etc.

3. If net profit is in lakhs round off to nearst 100 and if in crores the round off to nearest 1000
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