CMA Final Paper 15 Practice Questions - CMA Final Paper 15 Direct Tax Laws And International Taxation (DIT) Exam

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Remuneration paid to working partners of a firm is deductible under Section 40(b) only if it is authorised by the partnership deed and within the prescribed limits. On the first Rs. 6,00,000 of book profit (or in case of loss), the maximum deductible remuneration (per Finance Act, 2024 limits) is:

90% of book profit or Rs. 1,50,000, whichever is higher Rs. 1,50,000 or 90% of book profit, whichever is lower 60% of book profit Rs. 3,00,000 fixed

Correct Answer:

90% of book profit or Rs. 1,50,000, whichever is higher

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