Respected All,
I have doubt about remuneration paid to partners.
Firm earned net profit in FY 2020-21 of rs.520000 after interst but before remuneration payable and in previous year i.e.2019-20 firm had unabsorbed depreciation of rs.250000.
So now what is my book profit u/s 40b on which firm can give remuneration.
thanks
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Payment of Remuneration
Replies (2)
Book profit remains 5.2lacs..
Before making payment / provision for depreciation , make sure that there are funds available to make the payment..Else make proper adjustments..
There should be reasonable certainty about the future profits .Else from where you make the payments for remuneration ?
Before making payment / provision for depreciation , make sure that there are funds available to make the payment..Else make proper adjustments..
There should be reasonable certainty about the future profits .Else from where you make the payments for remuneration ?
It's necessary to make adjustments for funds.
depreciation has to be provided for.
Otherwise it will be a trading loss.
depreciation has to be provided for.
Otherwise it will be a trading loss.
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