Partnership
This query is : Resolved
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.
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.
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
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
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Itr 1 processing
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
