Slide8.JPG

  1. Courses
  2. Free Income Tax Certification Course

Transcript

Can a Partnership Pay Partner Salary? Turnover 7000000 6000000 6000000 Gross profit 1000000 Less Salary of Staff 600000 (Direct 8% of Turnover is profit) No Expenses Considered) 7000000 Profit 8% 560000 pgbp income 560000 Tax 168000 If Audit Done (Audit Fees 30000) Turnover 7000000 Less Purchases 6000000 Gross profit 1000000 Less Salary of Staff 600000 (Actual Expenses Considered + Audit Fees+ Salary of partner Salary to Partner is also an expense as Partnership and Partners are Different Legal Persons) But there is Max Limit of Salary

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.