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Q. > Please Help: income tax on firm 2013-14
My Firm NP is 1275186.06 and Patners salary is 840000.00 how can i compute income tax on it pleas help in detail
answered Jun 25, 2012 by CA Satuti Mahajan , batala
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.
answered Jun 26, 2012 by CA. SURESH Kr. AGARWAL , Delhi
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.
answered Jun 28, 2012 by Vikash Kumar Jha , Cuttack
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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