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
- Under Section 16(2) of the CGST Act, what happens if a recipient fails to pay the supplier within 180 days from the invoice date?
- The remuneration of the auditor of a company shall be ________________________
- Deduction under Section 80C is available up to:
- The "Standard Deduction" available to salaried taxpayers for A.Y. 2025-26 (under New Tax Regime) is:
- 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 •...
- A trader crosses the threshold limit for GST registration in June. He registers on July 10. He raises a taxable invoice on July 5. Is GST applicable?
- A company avails ITC (Input Tax Credit) on office furniture purchase. Later, GST auditor disallows it. Is he right to do so, support your answer with relev...
- As per the Finance Act 2025, what is the revised tax rate for individuals opting for the new tax regime with income between ₹12 lakhs and ₹15 lakhs?
- Which form is used for filing TDS return for payments other than salaries?
- 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...
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)