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about remuneration to partner's

Rameejahmedali Kochargi (55 Points)

15 July 2017

Need more information about remuneration to partner's

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RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 15 July 2017

Remuneration & interest to partner

A) Interest payable to partners shall not exceed 12% per annum.
B) Remuneration payable to partners shall not exceed the following limit:
On first Rs. 3 Lakhs of book profit or in case of loss - Rs. 1,50,000 or 90% of book profit, whichever is more;
On the balance of the book profit - 60% of book profit.

Rameejahmedali Kochargi (55 Points)
Replied 16 July 2017

thanku very much sir..

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 16 July 2017

Your are Most Welcome Dear....

Rameejahmedali Kochargi (55 Points)
Replied 17 July 2017

we are having such customers comes under partnership firm and their turnover is very small(not more than 20-25 lack), so ad pet section 44AD. from current year the interest and remuneration paid to partners is not allowable in the hands of firm.
so in a such cases. whether the said books of account get to be audited or not.