Tax Liability of Firm and Partners (AY 2019-20) Book Profit, Partners' Remuneration u|s 40(b)

#SBR_1158_09_11_2019
(29 Minutes)

B Com (Hons) II yr, Sem-III (Academic year 2019-20)
Calculation of Tax Liability of Firm and Partners

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Section 40(b)
(v) any payment of remuneration to any partner who is a working partner, which is authorised by, and is in accordance with, the terms of the partnership deed and relates to any period falling after the date of such partnership deed in so far as the amount of such payment to all the partners during the previous year exceeds the aggregate amount computed as here under
(a) on the first Rs. 3,00,000 of the book-profit or in case of a loss Rs. 1,50,000 or at the rate of 90% of book-profit, whichever is more;
(b) on the balance of the book-profit at the rate of 60%

40(b),dr s b rathore,shyam lal college,shshdara,