WHat can be the Partners remuneration for a firm with net profit of Rs. 2,80,000
Pls. let me know how much i should make provisions for salary for a firm with net profit of Rs. 2,80,000
For a partnership firm there is no legal laws involved to fix the remuneration. You can pay as per agreement and terms.
However its only that Income Tax allows only certain percentage for tax purpose.
For income tax purpose you can claim upto 1,50,000 or 90% of remuneration if profit is upto 3,00,000.