HOW CALCULATE PARTERNERSHIP FIRM INCOME TAX ON NET PROFIT.
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Answer / Ghanshyam Paliwal
To calculate partnership firm income tax on net profit, follow these steps:
1. Determine the net profit of the partnership firm after deducting all expenses and taxes except income tax.
2. Calculate the partnership's distributable share of the net profit based on each partner's capital contribution or agreement.
3. Apply the applicable income tax rate to each partner's distributable share to find their tax liability.
4. If a partner has any losses, carry them forward to offset future profits.
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