QUERY IS REGARDING PARTNERSHIP WHICH IS FORMED ON 12/12/12 SO FOR CALCULATION OF PARTNERS REMUNERATION WHEN WE PUT 12/12/12 AS STARTING DATE OF PARTNERSHIP THE TAXBASE SOFTWARE IS CALCULATING FROM DATE OF PARTNERSHIP. IS IT CORRECT TO CHARGE REMUNERATION FROM DATE OF PARTNERSHIP?? BCOS AS PER IT ACT IT HAS GIVEN THE AMT OF BOOK PROFIT AND FIRM WAS STARTED ONLY FROM 12/12/12 SO WHOLE REMUNERATION SHOULD BE ALLOWED TO PARTNERS AS PER OUR CALCULATION REMUNERATION IS 2620000 BUT IT IS SHOWING 89000 IT IS CHANGING AS PER DAYS IS IT RIGHT?
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Query related to to 40(b)
Replies (2)
As far as interest is concerned, the calculation has to be made on time basis, however I don’t think that remuneration will be calculated on time basis.
THANK YOU FOR YOUR VALUABLE REPLY SIR
BUT TAXBASE SOFTWARE IS CALCULATING LIKE THAT(I.E. ON TIME BASIS), SO THERE MIGHT BE SOME PROVISION WE ARE IGNORING OR IT IS PROBLEM OF SOFTWARE? KINDLY COMMENT PLEASE
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