Remuneration to partner

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REGARDING PARTNERSHIP FIRM

NET PROFIT OF PARTNERSHIP FIRM IS 10 LAC. FIRM IS ALSO HAVING FIXED DEPOSIT WITH BANK & INT RECD ON IT IS 1 LAC. TOTAL INCOME OF THE FIRM IS 11 LAC.

NOW MY QUESTION IS SHALL I COMPUTE REMUNERATION TO PARTNER ON 10LAC OR 11 LAC.

THANKS IN ADVANCE

KIYOSH

Replies (3)

take 11lacs

ON 11LACS                                            

remuneration allowable is based on book profit

so you can consider 11 lakh

 



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