I want to know
In partnership firms income tax calculated on profit after remuneration of partners or before remuration of partners profit.
suppose 500000(profit)-5000(interest on capital)-95000(Salary to partners)=400000(Net Profit), then income tax calulated on 500,000 or 4,00,000?
Please provide help.
Sir,
We are enclosed herewith a sec 40(b) as per Income Tax Act, 1961
thank you Harendra ji for giving details of remuneration calculation, but
My actual question is - which profit is consider for income tax calculation Remaing profit after remuneration paid or Profit Befor remuneration paid?
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