Dear All
Can someone please email me in excel prefrably as to how to compute remuneration to partners as per IT act
Regards
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Partnership firm remuneration
Replies (2)
sorry, i don't know how it posted here
Its quite simple- you can make a spreadsheet of your own-
the rule is as follows:
a) On the first Rs. 75,000 of _ Rs. 50000 or @ 90% of book profit, whichever
the book profits is more
b) On the next Rs. 75,000 _ @ 60%
c) On the balance of _ @ 40%
book profit
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