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
Answers were Sorted based on User's Feedback
Answer / ankush
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 ? | 105 Yes | 19 No |
Answer / kubendran
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 ? | 36 Yes | 7 No |
Answer / naveengokarapu@gmail.com
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 ? | 74 Yes | 52 No |
Answer / laxman
Book Profit Rs. 3,00,000 in my firm
how much Parters Remuneration
send me answer
Business firm
Is This Answer Correct ? | 25 Yes | 5 No |
Answer / pintu mishra
first 2 lacs it is 1.5 lac and then on balance will calculate 40%.
Is This Answer Correct ? | 17 Yes | 21 No |
Answer / sarat badatiya
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 ? | 11 Yes | 19 No |
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