Remuneration of partners

SEJU (Querist) 02 July 2014 This query is : Resolved
AS per section 40(B) of income tax act minimum remuneration to be paid to partners is 90% of book profit or 150000 on initial 300000 rs. w.e. is more. If return of the firm is to be filled under section 44 AD and the profit comes to say rs. 95000. and suppose remuneration paid to the partners is rs. 80000 what will be the effect in firm's return and individual return?

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Devajyoti Barman (Expert) 02 July 2014
academic query............

ajay sethi (Expert) 02 July 2014
raise query in CA club india .com

Anirudh (Expert) 02 July 2014
I am afraid whether in the first place your firm satisfies the definition of 'eligible assessee' and 'eligible business'. If it satisfies, I am doubtful that your profit would be Rs. 95,000/- only.

Rajendra K Goyal (Expert) 02 July 2014
academic query.

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