Dear sir one partnership firm Turnover is Rs 1289074
Only two partner in this firms
can I show salary to both partner is Rs 250000 and interest on capital is Rs 34324 is 12% of opening capital
after All expenses the NP is Rs 9955 only
Remuneration to partner is allowed in you case is Rs. 2,30,360.00
90% of book profit Rs. 2,30,360
Yes interest and remuneration to the extent of allowed can be paid.
T R SOOD & CO
New Delhi
CA Inter
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CAclubindia
