tax. cal. of partnership firm.
This query is : Resolved
CA Abhishek Singh
(Querist)
02 July 2010
hello everyone,
given below is the tax computation of a partnership firm for a.y. 2010-2011'
net profit of partnership firm- 100000
+ remuneratin dr to p/l-100000
book profits=200000
allowable rem as per sec. 40(b)-
=200000*90%=180000
taxable income=20000
plz. clarfify whether the allowble remuneration will be 100000 or 180000.
my id abhipcc@rediffmail.com
thanx in advance.
given below is the tax computation of a partnership firm for a.y. 2010-2011'
net profit of partnership firm- 100000
+ remuneratin dr to p/l-100000
book profits=200000
allowable rem as per sec. 40(b)-
=200000*90%=180000
taxable income=20000
plz. clarfify whether the allowble remuneration will be 100000 or 180000.
my id abhipcc@rediffmail.com
thanx in advance.
Aditya Maheshwari
(Expert)
02 July 2010
I really doubt whether an expense can be claimed in computation though not claimed in profti & less a/c
hence deduction should be Rs. 100,000/-.
hence deduction should be Rs. 100,000/-.
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