07 September 2010
A partnership deed is silent about remuneration to be paid to the partners. There is no clause in the deed for remuneration. whether remuneration paid will be allowed in the income tax? If "No" then can the amendment in deed be done before the due date of filing return with retrospective efftect? If the return is already filed then whether the amendment done before assessment will be valid?... Also for the AY 2010-2011 can the limit of remuneration be increased now with retrospective effect for the financial year 2009-2010..
07 September 2010
no retrospective amendment in partnership deed can be made for claiming the partner salary. first it is to be authorised by the deed of partnership then only allowable.
CAclubindia
