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.
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