DEAR ALL, Our Firm Book Profit is 8000/- what is allowable remuneration for partners? and can we file itr 5 with out tax audit (turn over below 20 lakhs)
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BOOK PROFIT 80000, ALLOWBALE REMUNERATION FOR PARTNERS
Replies (3)
Quick Summary
No you cannot.
Maximum allowable remuneration to Partners is 7200 (8000 @ 90%)
Yes you can file with out tax audit
and Jatinder calculation is right as per first 3 lakh rules
and file itr 3 for partner in books of account case
and Jatinder calculation is right as per first 3 lakh rules
and file itr 3 for partner in books of account case
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