tax saving
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2010
We are a partnership firm having four partners can you suggest us the method of mininising our tax liability.
like salary to partner or interest on salary to partners and some other tried and tested method
like salary to partner or interest on salary to partners and some other tried and tested method
27 March 2010
you can give interest on capital to partners @ 12% p. a.
you can also give remuneration to partners as below:
“(a) on the first Rs. 3,00,000 of the book-profit or in case of a loss Rs. 1,50,000 or at the rate of 90 per cent of the book-profit, whichever is more;
(b) on the balance of the book-profit at the rate of 60 per cent”.
This will eat up chunk of the profits of the firm
you can also give remuneration to partners as below:
“(a) on the first Rs. 3,00,000 of the book-profit or in case of a loss Rs. 1,50,000 or at the rate of 90 per cent of the book-profit, whichever is more;
(b) on the balance of the book-profit at the rate of 60 per cent”.
This will eat up chunk of the profits of the firm
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