Please Help: income tax on firm 2013-14
Posted Date : 24-Jun-2012 , 11:46:10 am | Posted By: Modassir Jamal
Category :
Income Tax | Answers :
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My Firm NP is 1275186.06 and Patners salary is 840000.00 how can i compute income tax on it pleas help in detail |
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Answers:
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 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.
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| 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.
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| 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
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