Regarding income tax in case of partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 November 2013 Dear Sir,
Please tell me about income tax provisions regarding partnership firm.

I have calculated partnership firms income tax my following calculation is right or wrong please tell me

1) As per partnership deed A & B is partners both are 50-50 %

2) Firms profit before interest & remuneration =5,30,000/-

3)interest Received on partners drawing
A) 100000@12% = 12000.00/-
B) 100000@12% = 12000.00/-

4)Firm Profit after Interest received is :- 554000/-

5)Interest paid on capital
A) 200000@12% = 24000.00/-
B) 200000@12% = 24000.00/-

6)Firm Profit after Interest Padi is :- 506000/-

7) Remuneration paid to partners
On First 300000@90% = 270000/-
on balance amount 206000@60% = 123600/-

8)Firm Profit = 506000
Remuneration =-393600/-
Balance = 112400/-

9) Firm Income = 112400/-
income Tax@10.36% = 11645/-
Net Profit = 100755/-

Net profit transfer to partners capital a/c as per deed

10 Profit Transfer to A =50377.00
Profit Transfer to B =50378.00

Please tell me above calculation is right or wrong. Above figures in taken for example.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 November 2013 Rate of income tax for partnership firm is 30.90% including cess and sccondary and higher education cess.

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2013 Sir I know income tax rate is 30.90% my query is calculation is right or wrong. I have calculated this figures as per example basis. So please tell me this calculation is right or wrong.

Thanks

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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20 July 2025 https://docs.google.com/document/d/1OBemexef7cFbU1OtwrcQMhny_NXxTR2NxVA_EhxRmtY/edit?usp=sharing

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