Question

Anand, Bhaskar and Dinkar are partners, their capital balances on 1/4/15 stood at Rs 100000, Rs 80000 & Rs, 60000. sharing profit in capital ratios. partners are entitled to int on capital @ 10 % p.a. Bhaskar salary Rs 5000 each quarter. As per deed Bhaskar share of profit (including int on capital & salary ) will not be less than Rs 70000 any deficiency will be borne by Dinkar. Profit for the year Rs 126000. Prepare P&L App A/c.

Answer 1

Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment. thanks