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Tax audit

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(Querist)
18 April 2014 my partnership firm has a profit of 7 lakhs and b/f dep loss of 5 lakhs.... in this case should i allow remuneration first and set off the loss or set off the loss first and then provide remuneration?
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SUDHIR KUMAR JAIN

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SUDHIR KUMAR JAIN (Expert)
20 April 2014 For calculating current years' profit, interest and remuneration payable to partners as per provisions of Partnership has to be paid. Only then current years; taxale profit shall be arrived at and from this profit, you shall be entitled to set off the previous years; loss.
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