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 partnerās salary under Section 40(b)?Solution
Book profit = ā¹10,00,000 Allowable salary = ā¢ 90% of first ā¹3,00,000 = ā¹2,70,000 ā¢ 60% of remaining ā¹7,00,000 = ā¹4,20,000 ā¢ Total = ā¹6,90,000 Paid = ā¹3,00,000 ā fully allowable But maximum allowable is ā¹6,90,000, so ā¹3,00,000 is within limit, but the correct answer should reflect the maximum allowable, which is ā¹6,90,000.Ā
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