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)?Solution
Book profit = ₹10,00,000 Allowable salary = • 90% of first ₹3,00,000 = ₹2,70,000 • 60% of remaining ₹7,00,000 = ₹4,20,000 • Total = ₹6,90,000 Paid = ₹3,00,000 → fully allowable But maximum allowable is ₹6,90,000, so ₹3,00,000 is within limit, but the correct answer should reflect the maximum allowable, which is ₹6,90,000.Â
Repo and Reverse repo rates are two rates set by RBI for .................... ?
The type of account which is opened by the investor while registering with an investment broker (or sub-broker) is called __________.
______________ is featured on the reverse side of 200 rupee note?Â
The RTGS transaction timings on Saturday is from
Which of the following can be a Pre-Paid Instrument (PPI)?Â
i. Smart Card
ii. Mobile Wallet
iii.Internet accounts
In a financial year, an individual investor can invest can invest in the relaunched Kisan Vikas Patra up to a sum of
MUDRA Bank, is a subsidiary of which of the following bank?Â
Which govt. body has authority to inspect state cooperative banks, central co-operative banks under B & A 1949 ?
Who among the following are provided with Ways and Means Advances?Â
What is true about the teaser loan rates charged by banks?
