Murali & Co a partnership firm consisting of 3 partners is engaged in textile trade. It's Net Profit before allowing interest on capital and working partner salary to partners was ₹ 9 lakhs. The partnership deed does
CS Executive · Tax Laws and Practice · PYQS · December 2017
Murali & Co a partnership firm consisting of 3 partners is engaged in textile trade. It's Net Profit before allowing interest on capital and working partner salary to partners was ₹ 9 lakhs. The partnership deed does not provide for interest on capital. It provides for working partner salary at ₹ 25,000 per month for all the 3 partners. The income of the firm after allowance of working partner salary would be:
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax
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