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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 / 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 |
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