Mr. X and Mr.Y Starts a Partnership Firm Name of the Firm is Star Partnership Firm
at the end of the year Star Partnership Firm got a profit of Rs.10,00,000/-
now my Question is ,
1) Income Tax Paid on Rs.10,00,000/- at 30% on profit on behalf of firm ???????????
2) or Profit is divided equally by the Partners Rs.5,00,000 to Mr.X & Rs.5,00,000 to Mr.Y
and Income Tax is Paid on 5,00,000 as per Indusivals Tax Slabs ??????
Please Answer
Tax has to be paid on 10 lacs @ 30% by the firm.
Thanku,
Madam,
My Monthly salary is Rs.15,500/- i am working in Karnataka.
Jan/2015
Rs.15,500 Gross Salary
Rs. 200 Less: Professional Tax
Rs.15,300 Net Salary Drawn for the Month of Jan/2015.
Feb/2015
Rs. 15,500 Gross Salary
Rs. 1,000 Less: Two Days Salary
Rs. 200 Less: Professional Tax?????????????? or Not????????????
Karnataka Proffessional Tax Slabs
It depends on nature of deduction. If salary for 2 days is deducted because of absence, then in that case gross salary itself will be 14,500, in which case no PT is payable for that particular month. But if the deduction of Rs.1,000 is for some other purpose (say loan/statutory deduction), then in that case, gross salary will still be Rs.15,500, in which case PT will be payable.
If salary for 2 days is deducted because of absence???? then no PT Na????
Yes, no PT. I already said that.
CAclubindia
