Pgbp
This query is : Resolved
03 July 2015
Dear all,
I have some queries relating to sec 40(b) which are as follows.
1) How to calculate remuneration payable to working partners If book profit is in negative.
2) If partnership deed state that interest payable to partner is 8% then can assesses claim 12% which is as per Income Tax Act.
3) Interest of 12% is on which capital(fixed or fluctuating capital)
I have some queries relating to sec 40(b) which are as follows.
1) How to calculate remuneration payable to working partners If book profit is in negative.
2) If partnership deed state that interest payable to partner is 8% then can assesses claim 12% which is as per Income Tax Act.
3) Interest of 12% is on which capital(fixed or fluctuating capital)
03 July 2015
1) Even in case of loss limit on remuneration is Rs.1,50,000 .
2) No, only 8% will be deductible.
3) Interest will be allowed on the capitals as per the partnership deed fixed or fluctuating.
2) No, only 8% will be deductible.
3) Interest will be allowed on the capitals as per the partnership deed fixed or fluctuating.
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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- FEMA regulation Act. for inward remitance
- Grand in aid
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
