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40(b)

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(Querist)
15 June 2010 Whether partnership deed needs to be amended to incorporate the new limits of remuneration to partners u/s 40(b)as amended by Finance Act 2009.
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Sunil Kr. Sanganeria

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Sunil Kr. Sanganeria (Expert)
16 June 2010 Yes, it need to be amended.
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CA Vignesh Subbaraman

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CA Vignesh Subbaraman (Querist)
16 June 2010 But the new limits are only applicable from A.Y.2011-2012.Is it correct?
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mohinder kansal

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mohinder kansal (Expert)
22 June 2010 possibly yes. depends upon the language of payment of salary and intt. clause of existing deed

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