problem in pgbp sec 40(b)

361 views 3 replies
net profit of firm =500,000 after debited credited given below amounts...
1 debited 100,000 salary paid to employees by crossed cheque
2 Dr 400,000 cost of car purchased and put to use on 31.3.2017
3 Dr 300,000 interest paid to Mr x @ 15% p.a
4 Dr 450000 interest paid to Mr y @ 15% p.a
5 Dr salary 100,000 paid to Mr x
6 Dr salary 500,000 paid to Mr y
7 Dr advance tax rs 800,000
8 credited long term capital gain 600,000
the firm has b/f business loss 300,000
the firm had donated rs 40000 to charitable institution notified u/s 80G
firm complied all conditions given in section 184/40(b) and payment of salary and interest is allowed as per the instrument.
compute tax liability of partners and also firm a.y 2017 18 ...........
Please solve this question em not getting correct ans....
Replies (3)
sorry brought forward business loss is only 30000
total income of firm if both x and y are working partners
firm = 1960000
x = 340000
y = 860000

total income of firm if both x and y are not working partners
firm = 2560000
x = 240000
y = 360000

if wrong pls correct me experts
Thank you sir for reply
here the ans in book is ,tax liability of firm = 339900 and Mr x = 172010, Mr y = 89610....

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
Featured 24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
20 June 2026
Chartered Accountant

ANV & Company

New Delhi

CA

View Details
Company
29 June 2026
Accountant (Finance & Compliance)

TRIEYEZ

Kolkata

CA

View Details
Company
25 June 2026
AUDIT MANAGER

JDAS & ASSOCIATES

New Delhi

CA

View Details
Company
24 June 2026
Senior Account (VA Client Operations)

Karbon Business

Bengaluru

CA Inter

View Details