Please find below questions answered
This query is : Resolved
28 January 2016
the tax liability on the total income before remuneration and interest ( 60000) of a professional firm is rs.1000000.after considering the dedication permissible u / s 40 ( b ), the tax payable by firm excluding education cess as will be. ....
28 January 2016
It is not clear the remuneration mentioned Rs. 60000 is per month or per annum, the computation hereunder is made assuming it is per month. Total remuneration per annum to the working partners will be Rs. 720,000. Out of this, based on book profits of Rs. 10 Lakhs, Rs. 690,000 is deductible as partners' salary (90% of Rs. 300,000 and 60% on balance 700,000). Hence, the tax liability on total income of Rs. 310,000 is Rs. 93,000 excluding education cess.
The firm has to provide the partners, an adjusted remuneration statement, since partners' remuneration of Rs. 30,000 is taxable in the hands firm and balance Rs. 690,000 is taxable in the hands of partners.
The firm has to provide the partners, an adjusted remuneration statement, since partners' remuneration of Rs. 30,000 is taxable in the hands firm and balance Rs. 690,000 is taxable in the hands of partners.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Annual return in Gst
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- 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
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
