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
- Fy 22-23 --> tyed more in gst 3b vs 2b, any interest?
- Refund of accumulated ITC - Reg.
- TCS ON SCRAP SALE..
- CSR activities ITC
- RELATED TO ITR OF POLITICAL PARTY
- Charity work ISD
- Journal entry of TDS operative a/c dr (under withdrawal side of bank a/c)
- Eway bill INWARD SUPPLY
- Rejection of the application for the registration of a society in Andhra Pradesh state
- Goodwill treatment
- Query regarding applicability of UDIN on MCA forms signed using DSC by a Chartered Accountant
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
