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Assessment of firm
Direct Taxation
How to calculate book profit in case of net loss of a firm?
Answers (2)
Book profit means the net profit, as shown in the profit and loss account as increased by the aggregate amount of the remuneration paid or payable to all the partners of the firm if such amount has been deducted while computing the net profit. If there is negative book profit, maximum remuneration is Rs. 1,50,000
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