Very urgent query

1.
First Calculate Book Profits as follows:

    Net Profit                                                  xxx
Add:
    a)Salary already paid                            xxx
    b)Expenses disallowed
      but debited to P&L                               xxx
    c)Depreciation already debited
      in P & L                                                  xxx
Less:
    a)Expenses Allowed but not
      debited to P & L                                   xxx
    b)Incomes credited but
          considered under other
      heads of income                                xxx
    c)Depreciation as per IT                     xxx  

Book Profit                                                  xxx


Then Calculate Partner's remuneration as follows:

For AY 2007-08

in case of a firm carrying on a profession referred to in section 44AA (Medical,Legal,Engineering etc.)or which is notified for the purpose of that section—

 (a)on the first Rs. 1,00,000 of the book-profit or in case of a loss
Rs. 50,000 or at the rate of 90 per cent of the book-profit, whichever is more;

(b)on the next Rs. 1,00,000 of the book-profit
at the rate of 60 per cent;

(c)on the balance of the book-profit
at the rate of 40 per cent;


Eligible Remuneration is                              (i) Sum 0f a,b,c above or                                                                                                  (ii) Remuneration actully paid in the year
                                                                            Whichever is higher.

 
Pls Note:
1. Payment of Remuneration and interest is to be authorised by partnership deed.
2. Remuneration is to be paid only to working partner.
3. Interest paid in excess of 12% is disallowed.
4. Interest and Remuneration is paid for the period prior to making amendmends in partnership deed regarding interest and remuneration is ineligible.

2) As per section 10 (10c) (viii) any amount recieved as VRS from CG or CG notified institutions are not included in the total income of the assessee if such amount does not exceeds Rs. 5 Lakhs.
   Thus Rs. 5 Lakhs is exempted in Mr. Khan's Hands.
   

 

There are different slabs for Man,Women and aged person for tax like for man 1,60,000 for women 1,90,000 and for aged person 2,40,000. Now,     Mr.x who was a earn a crores of rupees from his business now he was given his all property or everything which values are in crores of rupees to Mr.y who was a related of Mr.x.Mr.y was not a man or women then which slabs are apply here and what is tax liability for his/her?

On the first Rs.3,00,000 of book profit - Rs. 1,50,000 or 90 % of book profit which ever more

and on the balance - 40 %

I.e.

Rs. 270000 + Rs. 120000 = Rs. 3,90,000 can be paid as remuneration to partners

Upto A/Y 2009-10 deduction u/s 40(b) allowed:

first 75000 : 50,000 or 90% whichever is higher

next 75000: 60%

Balance of Book Profit : 40%

Hence in ur Q. Book Profit: 600000

Less: Interest                         60000

now according to given slab on 540000 allowed as remuneration 268500

Sorry in Professionals limit slab 1lac instant of 75k so allowable remuneration on 540000 book profit :- 286000