MCQ OF THE DAY
CA Inter - direct Tax
ICAI mcq booklet question
Choose the correct answer from the poll given below.
Mr. C aged 35 years is a working partner in M/s BCD, a partnership firm, with equal profit sharing ratio. During the P.Y. 2022-23, the firm has paid remuneration to Mr. B, Mr. c and Mr. D, being the working partners of the firm, of ₹ 2,00,000 each. The firm has paid interest on capital of ₹ 1,20,000 in toto to all the three partners and the same
he is within the prescribed limit of 12%. The firm had a loss of ₹ 1,12,000 after debiting remuneration and interest on capital.
Note-Remuneration and interest on capital is authorized by the partnership deed You, being the CA of Mr. C, are in the process of computing his total income. What would be his taxable remuneration from the firm?
(a) ₹ 2,00,000
(b) ₹1,51,600
(c) ₹1,27,600
(d) ₹ 1,50,000