Tax audit

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Nithin (Querist)
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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?

SUDHIR KUMAR JAIN

SUDHIR KUMAR JAIN (Expert)
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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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