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 Audit interview questions  Audit Interview Questions (428)
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 Accounting General interview questions  Accounting General Interview Questions (2833)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4370)
Question
Calculate Maximum allowable remuneration to working 
partners as for section 40b of the Income Tax Act
1. In case of professional firm''
2. Incase of Business Firm
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
In case of professional Firm

* On the first 300000 of the book profit 90% on 150,000
which ever is more

* On the balance 60%

2.In case of Business Firm

Same as above
 
Is This Answer Correct ?    82 Yes 13 No
Ankush
 
Answer
# 2
In case of professional Firm

* On the first 300000 of the book profit 90% on 150,000
which ever is more

* On the balance 60%

2.In case of Business Firm

Same as above
 
Is This Answer Correct ?    30 Yes 5 No
Kubendran
 
 
 
Answer
# 3
1.In case of professional Firm

* On the first 1,00,000 of the book profit 90% on 50,000
which ever is more
* On the next 1,00,000 of the book profit 60% + 90,000
* On the balance 40% +1,50,000

2.In case of Business Firm

* On the first 75,000Rs of book profit 90% of the book
profit or 50,000 which ever is more.
* On the next 75,000 rs 60% + 67,500
* on the balance 40% + 1,12,500 rs
 
Is This Answer Correct ?    68 Yes 45 No
Naveengokarapu@gmail.com
 
Answer
# 4
Book Profit Rs. 3,00,000 in my firm
how much Parters Remuneration
send me answer
Business firm
 
Is This Answer Correct ?    22 Yes 5 No
Laxman
 
Answer
# 5
first 2 lacs it is 1.5 lac and then on balance will calculate 40%. 
Is This Answer Correct ?    16 Yes 17 No
Pintu Mishra
 
Answer
# 6
1.In case of professional Firm

* On the first 1,00,000 of the book profit 90% on 50,000
which ever is more
* On the next 1,00,000 of the book profit 60% + 90,000
* On the balance 40% +1,50,000

2.In case of Business Firm

* On the first 75,000Rs of book profit 90% of the book
profit or 50,000 which ever is more.
* On the next 75,000 rs 60% + 67,500
* on the balance 40% + 1,12,500 rs
 
Is This Answer Correct ?    8 Yes 16 No
Sarat Badatiya
 

 
 
 
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what is the entry for cash received and after deposited in to the bank   8
How do I raise a debit note   1
expand S L M   2
how many type of assets   21
What is the difference between absorption, amalgamation and liquidation of companies? And why realisation account is being prepared ?   2
Stale Cheque entry in the books & when it reissued again then Entry in the books.?   2
what are the Bank Vouchers?how it is entered in books of accounts?   1
when is real ,nominal, & personal a/c's used TATA 1
EXPAND______________IEEE   1
What is General Accounting TATA 12
Expand ________DIPP   4
 
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