Partnership firm net profit
This query is : Resolved
30 May 2013
DEFINITION FOR 8 % PROFIT AS PER IT ACT
HOW CAN I CALCULATE NET
PROFIT
CLARIFICATION (SALARY TO PARTNERS & INTT TO PARTNERS )
HOW CAN I CALCULATE NET
PROFIT
CLARIFICATION (SALARY TO PARTNERS & INTT TO PARTNERS )
31 May 2013
i) Calculate 8% on turnover.
ii) Deduct remuneration and interest to 'working partners' calcualted as per section 40(b) of the Income tax Act,1961.
iii) Balance [ i - ii ] is the 'taxable income'of the partnership firm.
ii) Deduct remuneration and interest to 'working partners' calcualted as per section 40(b) of the Income tax Act,1961.
iii) Balance [ i - ii ] is the 'taxable income'of the partnership firm.
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
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Banking Related Issue
- Difff in ais receipts and gst turnover
- ITR-Capital Gain
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
