24 June 2010
1.while preparing a Partnership DEED of a firm is it necessery to mention the exact amount of remuneration payable to each partner during the year . If not then what clause can be mentioned into the deed to make it flexible and lawful as per the I.T Act.
24 June 2010
The partnership deed should either specify the amount of remuneration payable to each individual working partner or the manner of quantifying such remuneration If not mentioned deduction under section 40(b) will be disallowed from assessment year 1997-98 and onwards.
CAclubindia
