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Partnership firm net profit

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(Querist)
30 May 2013 DEFINITION FOR 8 % PROFIT AS PER IT ACT

HOW CAN I CALCULATE NET

PROFIT

CLARIFICATION (SALARY TO PARTNERS & INTT TO PARTNERS )
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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