Remuneration to partner

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TAX CONSULTANT
328 Points Posted on 18 June 2011

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

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On 18 June 2011 at 12:29 Report
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Ahmedabad
281 Points Posted on 18 June 2011

take 11lacs

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On 18 June 2011 at 12:31
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CA IN PRACTICE
14247 Points Posted on 18 June 2011

ON 11LACS                                            

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On 18 June 2011 at 13:23
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B€ @LW@¥$ ]-[@Pp¥
1535 Points Posted on 20 June 2011

remuneration allowable is based on book profit

so you can consider 11 lakh

 



B€ @ LW @ ¥$ ]-[ @ Pp¥

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On 20 June 2011 at 12:12

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