tax liability of partnership firm
This query is : Resolved
28 March 2009
What is the tax liability of partnership firm when the bok profit is up to Rs.50000 can you please suggest me the calculation of taxable profit?
28 March 2009
On book profit of Rs.50000 you can give remuneratiom of Rs.50000, as the rule is for first Rs.75000, the remuneration can be 90% of the book profit or Rs.50000, whichever is higher. Thus the taxable income would be Nil and accordingly there will be no tax liability.
28 March 2009
Provided the Instrument of Partnership ( Partnership deed) must necessarily contain a clause stating the minimum amount, maximum amount and the method of calculation of the partner's remuneration.
11 April 2009
The partnership deed must contain the clause of remuneration tobe give to partner. if so then Firm can give remuneration to partner upto Rs. 50,000.00
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