Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Prepared By S.M Shaharia Mojumder Student Of : BIBM ( Bangladesh Institute of Bank Management)
SOME BASIC KNOWLEDGE ABOUT PARTNERSHIP
Tax payable by the firm determined on the basis of total income of the
firm assessed
Whenever determination of tax is made then deputy commissioner of
tax shall notify the firm
1. The amount of tax to be paid
2. Total income based on which tax had been determined
3. Apportionment of the amount of income between several
partners
PROCEDURE OF ASSESSMENT OF FIRMS AND PARTNERS
Compute total taxable income of the firm and adjust accounting profit to compute tax profit
Following procedure to materialize aforesaid objective need to followed -
1. Start with calibration of accounting profit
2. Adjust accounting profit for tax profit on following area
Add back inadmissible expenses like commission and salary paid to partners , accounting
depreciation , provision for bad debt , legal expense incurred due to breach of law or vandalize other
property , bad debt reported on speculation etc. .
add back tax allowable depreciation
Deduct all income usually in other income head as per IT ordinance 1984 ; like share premium , income
from investments on securities.
3. Profit will be distributed among partners as per their profit and loss sharing ratio .Always consider
residual profit ;profit after deducting all consideration ( salary , commission ) paid to partners; to apportion
among partners
4. Tax will be calculated on income exceeding 2.5 lac or 3 lac ( in case of women or age above 65 years).
RATE OF TAX APPLICABLE TO INDIVIDUALS /PARTNERS ( CONT)
Special cases-
1.Change in constitution
2.Change in succession
3.At the time of dissolution.
CHANGE IN CONSTITUTION