Regarding caluculation of remuneration

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saikiran (Querist)
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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

Amol S Joglekar (Expert)
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24 November 2014 Partners remuneration is calculated on the BOOK PROFIT of the respective year

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 November 2014 for book profit pls refer sec 184 and 40(b)

saikiran

saikiran (Querist)
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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/-

Amol S Joglekar

Amol S Joglekar (Expert)
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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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