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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
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Answer Posted / pintu mishra
first 2 lacs it is 1.5 lac and then on balance will calculate 40%.
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The following Trial Balance was extracted from the books of Chetan.Do you think that it is correct? If not,rewrite it in the correct form. Debits Rs Credits Rs ------------------------------------------------------------ Stock |8250 | Capital |10000 Purchases |12750 | Sales |15900 Returns outward |700 |Returns inwards |1590 Discount received|800 |Discount allowed |800 Wages & salaries |2500 |Scooty |1750 Rent and rates |1850 |Carriage charges |700 Sundry debtors |7600 |Sundry Creditors |7250 Bank Overdraft |2450 |Bills payable |690
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