Remuneration to partner in partnership firm
This query is : Resolved
09 October 2017
Turnover of Firm is 1,23,55,000/- and Net Profit is 7,14,000/- i.e. around 5.8 % of Turnover. Under which sec. audit is require in Income Tax act and whether the firm can give remuneration to Partner under sec. 40b and how much.
09 October 2017
Audit is required u/s 44AB(a) since turnover crossed Rs 1 crore. Out of net profit interest on capital and partners remuneration will be allowed as deductible expense as per section 40(b).
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