Taxability of partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 March 2015 i have a query about how to calculate tax on book profit of the partnership firm & distribution of allowed remuneration to partner as per law.below is the details..

total turnover- 629389/-
book profit 65184/-[after exps.]
profit sharing ratio- 99:1

pl give the solution

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 March 2015 max allowable salary for partners is 90% book profit or 150,000 (higher)

then reduce this from book profit and the balance is taxable @30%

Rupesh Jain

Rupesh Jain (Expert)
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23 March 2015 you can take remuneration upto rs 150000/- or 90% of the book profit which ever is higher.

Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2015 SORRY TO SAY BUT I AM CONFUSED THAT IS THE INCOME OF FIRM MUST BE TAXABLE ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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25 March 2015 yes it is taxable...........................

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