Question
A firm pays Rs. 3,00,000 as salary to partners, allowed as per deed. Book profit is Rs. 10,00,000. What is the maximum allowable deduction for partner’s salary under Section 40(b)?
More Taxation Related Questions
- A company owns a block of assets with the following details for the Financial Year 2024-25: • Opening Written Down Value (WDV) of the block: ₹10,00,000 •...
- Which of the following is not an allowable deduction under Section 80C of the Income Tax Act?
- A salaried employee earns ₹18 lakhs annually. In FY 2024–25, she contributes ₹1.5 lakh to PPF, ₹50,000 to NPS (u/s 80CCD(1B)), and pays ₹2 lakh as home loa...
- Advance Tax is calculated and paid on which of the following bases?
- Which ITR form is applicable for individuals having income from salary and house property?
- Mr. X's gross total income is ₹12,00,000. He has made a deduction of ₹1,50,000 under Chapter VI-A. What is his total income?
- Every bank has to maintain a certain % of their deposits in the form of (Gold + Cash + bonds + Securities) with themselves. This ratio is termed as:
- The threshold limit for tax audit for business entities under section 44AB has been proposed to change to how much amount for those assessees, where amount...
- Which section of the Income Tax Act, 1961 deals with the income from "Salaries"?
- A company incurs a loss of ₹5 lakhs in the current financial year. As per Income Tax Act, how is this treated?
Hey! Ask a query
Please enter email id
The email must be a valid email address.
Please enter Mobile Number
Please enter valid Mobile Number
Please enter your Doubt
Think You're Ready for RBI Grade B?
RBI Grade B 2026 Phase 1 Memory Based Paper
- 200 Questions with Detailed Solutions
- Section-wise Coverage (GA, English, Quant & Reasoning)