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
What is the Common Equity Tier 1 (CET1) ratio limit set by RBI?
The Teesta treaty has become a bone of contention between India and
In which of the following empires of South India was the Kamalapuram tank built in the 15th century?
Which of the following statement is are INCORRECT about chatbot 'Bal Mitra' for children launched in February 2023?
1. The Delhi Commission for P...
Deficiency of which of the following vitamins causes excessive bleeding from wounds?
The cells having well – organised nucleus with a nuclear membrane are designated as ___
Which of the following is NOT a member of NITI Aayog’s Governing Council?
Where is the headquarter of ASEAN ?
The right to adopt, practice and propagate a religion belongs to which article of Indian Constitution?
Which of the following celestial bodies has a natural satellite named ‘Charon’?
