Tax
Querist : Anonymous
Net profit after deducting salary and interest to partners comes to Rs. 20000/- and income tax thereon comes to Rs. 6180/-.
Suppose there is two 50-50 ratio partners, then I should debit Rs. 3090/- from each partners capital a/c
or
I should deduct it from Rs. 20000/- and remaining Rs. 13820/- to be credited equally into their capital a/c ie. Rs. 6910/- in one's and rest 6910/- in other one's.
Please clarify.
Querist : Anonymous
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