Please Help: income tax on firm 2013-14
Posted Date : 24-Jun-2012 , 11:46:10 am | Posted By modassir jamal
My Firm NP is 1275186.06 and Patners salary is 840000.00 how can i compute income tax on it pleas help in detail
Category : Income Tax | Answers : 3 | Comments : 0 | Hits : 234
Answers
Answer By: CA Satuti Mahajan
If the partner is authorised to withdraw the salary as per partnership deed, then that amount is to be deducted from the NP to calculate the tax.
Answer By: CA. SURESH Kr. AGARWAL
Dear go to the PGBP Section of Income Tax and check the maximum limit of salary allowed to the partner(s) and then compute taxable salary.
Answer By: Vikash Kumar Jha
Partner salary is allowable as follows
1st 300000 @ 90%, i.e. 2,70,000
balance 9,75,186.06 @ 60%, i.e. 5,85,112
Maximum allowable salary 8,55,112
So taxable profit is 1275186.06-840000
1st 300000 @ 90%, i.e. 2,70,000
balance 9,75,186.06 @ 60%, i.e. 5,85,112
Maximum allowable salary 8,55,112
So taxable profit is 1275186.06-840000
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