Applicability of sec 40(b) of finance act 2009

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 December 2013 Please tell me from which date the partnership deed will be changed to comply the provision of sec 40(b) of finance act 2009. as it was issued on June 2009 and was applicable for A.Y 2010-2011.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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06 December 2013 You can prepare a supplementary partnership deed in which the required changes can be adopted. This can be done during the FY 2009-10 as Remuneration to partner is generally not given on monthly basis. It is based on the book profit and can be ascertained at the last stage of finalisation of accounts.
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