Partnership firm

159 views
User Avatar

Tax practitioner
335 Points Posted on 09 January 2021
partnership firm 8% is share of profit or before interest and remuneration
0 Reply Share Follow
On 09 January 2021 at 08:53 Report
Replies (2)
Quick Summary
This discussion clarifies the calculation of profit share in a partnership firm, specifically addressing the 8% figure. It confirms that the 8% profit share is calculated before deducting interest and remuneration. Furthermore, no interest or expenses are permitted against this 8% income; it is taxed flatly after Chapter VI deductions.

User Avatar

Chartered Accountant
24588 Points Posted on 09 January 2021
8% profit should be made before partner's share of profit and remuneration
Reply
On 09 January 2021 at 09:13
User Avatar

Accountant
4533 Points Posted on 09 January 2021
No intt or exp allowed against 8 % income . it flat taxable after chapter VI deduction
1 Reply
On 09 January 2021 at 10:25

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Demand of Late fee/Interest under section 75 of GS
  2. DSC registration on TRACES portal
  3. Can we get registered for MCA if we get a Virtual
  4. DONATION PAYMENT REG
  5. GST IDS Refund – Statement 01A: Invoice Not
  6. TDS deposit code & TDS return
  7. AIS VS GST Mismatch- FY 2025-26
  8. Gross total income
  9. Export Compliance
  10. Sale of plots in open land

More recent discussions | Post

Related Topics :

Loading