COMPUTATION OF TOTAL INCOME OF EACH PARTNER FOR YEAR OF ASSESSMENT 2XXX

Net profit as per P/L xxxx

Less:
Items not taxable or non business income xxx
Based on time
Add: basis
Expenses not allowable xx
Partners' remuneration xx
Benefits to partners ( (private expenses, interest on capital etc charged to p/ship) xx

Less:
Double deductions (xx)

PROVISIONAL ADJUSTED INCOME /(LOSS) XXX

Less:
Partners' remuneration (xx)
Benefits to partners (private expenses, interest on capital etc charged to p/ship) (xx)
DIVISIBLE INCOME /(LOSS) XXX
If change profit sharing
ratio: partner's share
Partner's share divisible income
of divisible Partner
income/loss: apportioned based on
Based on profit time basis (monthly) A B C
sharing ratio Partner's share of divisible income/loss xx xx xx
and time basis
Add: Partner's remuneration xx xx xx
Benefits to Partners xx xx xx
(private expenses, interest on capital etc charged to p/ship)

ADJUSTED INCOME XX XX XX
Capital
allowances &
Balancing Add: Balancing charges xx xx xx
charge: Based Less:Capital allowances (xx) (xx) (xx)
on profit
sharing ratio
parner at the STATUTORY INCOME FROM PARTNER'S BUSINESS XX XX XX
end of basis
period Add: Income from non business sources xx xx xx

AGGREGATE INCOME XX XX XX
Approved
donations:
Based on profit Less: Current business year loss (xx) (xx) (xx)
sharing ratio at the Approved donation (xx) (xx) (xx)
time donation is
made
TOTAL INCOME XX XX XX

Existence of partnership:-
a) carrying on business
b) sharing a rights & responsibilities
c) a view to profit
d) element of risk and reward for each partner

**Partnership is not a chargeable person, partnership needs to submit Form P

**Responsibility for the filing lies on the precedent partner (Form B)