What is Partnership Firm? The accounts of collaboration firm are maintained like other business companies. All the expenditures relating to the partnership firms are booked within the authorization limit of rules. Though, any amount appealing can be paid to the partners on the capital and can be booked as business expenses but according to Indian Income Tax Act, interest is allowed only at the speed of 12% per annum. It means if the interest is paid more than this permissible limit, the excess payment will be disallowed while calculating the income of partnership company. Mr. X and Mr. Y will be the partners of M/s XY Enterprises. Calculate the taxable income of the company according to Indian TAX Act.
Interest paid on capital (Rs. This means that Rs. Partnership is an unbiased entity and it is run by the companions. Therefore, the working companions are entitled for remuneration by way of salary, payment, bonus or whatever name called. 1. Remuneration will be permitted to working partners only. 2. Remuneration must be regarding to collaboration only deed. 3. Book Profit means income before remuneration to companions and interest paid on capital more than 12% per annum. Calculate online taxable income of Firm. 4. Surcharge is payable @ 12% for financial calendar year 2016-17, in case there is firm featuring its total income above Rs, 1 crore.
5. Education Cess will be billed @ 2% on Income tax plus surcharge payable. 6. Secondary & Higher Education Cess will be billed @ 1% on TAX plus surcharge payable. Partnership company shall have to file income tax return irrespective its income. Any amount of interest, salary, commission, bonus and other remuneration, received by the partners from partnership firm, will be shown by the partners under the head of “Income from business or profession”.
1. Salary received from relationship firm shall not be shown by partner under the relative head “Income from Salary”. 2. Any expenses incurred by partner according of organizing money for his loans or capital to firm, will be deducted from his income. For example interest paid by partner for lent money for buying partnership firm. 3. Any interest, salary, remuneration, commission rate or bonus which is disallowed at the right time of calculation of income tax of relationship firm, shall not be added in the income of companions.
4. Any share of the partner in the income of company shall be fully exempt from tax. 5. In case of share of reduction from partnership company, can not be set off against any other business income of partner. It is ignored simply. 6. Partnership company is not prone to deduct the taxes at source on interest on capital, salary, reward, remuneration and fee paid to partner.
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However, the companions are liable to pay progress taxes on the interest or remuneration etc, received by them from partnership firm, if payable. Both will be the working companions of the company and are entitled for similar share in income of the firm. To solve the above mentioned illustration, we have to follow the next steps to understand it in easy way. Though, there may be difference in display of figures by different people however the result will be same. Balance amount of Rs. Please note that the talk about of profit from partnership company is taxes free in hands of partner and no tax shall be paid onto it. Note: Income of companions includes only the allowed payment to companions. As the disallowed income already has been taxed in hand of collaboration company.
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