If the book profits of a partnership firm is Rs. 1, 10,000, the remuneration admissible to working partners under Sec.40 (b) of the Income Tax Act, 1961 is
A. Rs. 1, 10,000
B. Rs. 1, 50,000
C. Rs. 99,000
D. None of the above
Answer:B
If the book profits of a partnership firm is Rs. 1, 10,000, the remuneration admissible to working partners under Sec.40 (b) of the Income Tax Act, 1961 is
A. Rs. 1, 10,000 B. Rs. 1, 50,000 C. Rs. 99,000 D. None of the above