remuneration to partners

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hetal

hetal (Querist)
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23 February 2010 What are the new slabs for remuneration to partners? plz reply fast.

CA SIDHARTH HIRALAL PATNI

CA SIDHARTH HIRALAL PATNI (Expert)
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23 February 2010 dear hetal
From 1st April 2010

For first Rs. 300000 --------Rs 150000 or 90% of book profit

and on next remaining balance @ 60% of book profit

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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23 February 2010 The Income Tax Act prescribes the ceiling limit upto which any payment of salary, bonus, commission or remuneration will be allowed as deduction for income of LLP :-

On First Rs 3,00,000 of book profit or in case of loss :-

Rs 1,50,000 or at the rate of 90% of the book-profit, whichever is more

On the balance of book profit :-
at the rate of 60%

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