remuneration to partners
This query is : Resolved
23 February 2010
What are the new slabs for remuneration to partners? plz reply fast.
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
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
(Expert)
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%
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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