working remuneration
This query is : Resolved
bharat kumar
(Querist)
28 March 2008
A&B is a partnership firm
net profit after remuneration is Rs.18,62,230/-
remuneration to partner(A) is Rs.2,40,000/-
1. how will i calculate income tax ?
2. is tds applicable on remuneration of Rs.2,40,000
net profit after remuneration is Rs.18,62,230/-
remuneration to partner(A) is Rs.2,40,000/-
1. how will i calculate income tax ?
2. is tds applicable on remuneration of Rs.2,40,000
Sanjeev Kumar Sharma
(Expert)
31 March 2008
as per calculation u/s 40(b) the remunertion of Rs. 2,40,000/- is allowable, the partnership firm is liable to deduct the TDS on remuneration on the said amount subject to deduction u/s 80C, if the partnership firm had tax audit in the preceeding previous year.
01 April 2008
Income tax is calculte for A on his Profit + his remunration and For B on his profit. TDS is not applicable. Contact to Jay Gulani on 09424515253
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