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
vinod kumar pal (Tax Consultant) (415 Points)
21 August 2019
Kapadia Pravin
(17259 Points)
Replied 21 August 2019
Kamal Verma
(Financial advisor)
(579 Points)
Replied 21 August 2019
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.
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