working remuneration
This query is : Resolved
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
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query regarding applicability of UDIN on MCA forms signed using DSC by a Chartered Accountant
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
