Partnership profit liable for 8% limit
This query is : Resolved
28 March 2018
SIR, LIMIT OF 8% PROFIT IS AFTER REMUNERATION AND INTEREST TO PARTNERS OR BEFORE.
28 March 2018
From 01/04/2017, deduction u/s. 40(b) (Int. and/or remuneration to partners by firm), will not be allowed to firm in computing the firms deemed profit and gains (8%).
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