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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 / 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 |
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