We have a partner ship firm (50-50% ) both partner. in the end of march net profit near about 80-85 Thousand. so please telll me how much income tax we have to pay. I already deposit 15000/- In December.
03 March 2018
The information provided by you is insufficient. You have not mentioned whether the net profit is after or before the adjustment of Interest and remuneration to partners. If it’s after remuneration then the reply given above is correct. If it’s before interest and remuneration, then kindly provide for the same, if the terms of the partnership fees allows payment of interest to partners.
CAclubindia
