Regarding caluculation of remuneration
This query is : Resolved
24 November 2014
LAST YEAR THEIR IS A BUSINESS LOSS IN PARTNERSHIP FIRM FOR AN AMOUNT OF RS.2,02,486/- WHICH IS CARRIED FORWARD TO THE CURRENT YEAR. IN CURRENT YEAR THEIR IS A BUSINEES PROFIT OF RS.2,22,987/- BEFORE DEDUCTION OF PARTNERS REMUNERATION. NOW ON WHICH AMOUNT PARTNERS REMUNERATION IS CALUCULATED IN THE CURRENT YEAR?
Amol S Joglekar
(Expert)
24 November 2014
Partners remuneration is calculated on the BOOK PROFIT of the respective year
24 November 2014
for book profit pls refer sec 184 and 40(b)
24 November 2014
sir,
In our Software the Remuneration is being calucualted on last year Business loss of Rs.2,02,486/- rather than current year profit of Rs.2,22,987/-
In our Software the Remuneration is being calucualted on last year Business loss of Rs.2,02,486/- rather than current year profit of Rs.2,22,987/-
Amol S Joglekar
(Expert)
24 November 2014
Ok. So calculate it as per the rules of your organisation. No problem. I gave the answer assuming you have a query On Income Tax Act remuneration. Go aheasd with your organisation rules.
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