Applicability of Section 40(b)
This query is : Resolved
31 July 2010
Since we all know that the limits under section 40(b) has been raised for the F.Y. 2009-10. Because of this amendment, all the partnership firms has to prepare a Supplimentary Deed to give effect of such change in the section.
Since, one of the Conditions for the apllicability of said section is that the period of allowing the remuneration to the working partners must be authorised by the partnership deed.
Now my query is that, if a partnership firm is preparing the supplimentary deed on the last day of F.Y. 2009-10 and giving effect of the change in sec. 40(b) retrospectively w.e.f. 01/04/2009.
whether the said supplimentary deed is valid in the law?
Since, one of the Conditions for the apllicability of said section is that the period of allowing the remuneration to the working partners must be authorised by the partnership deed.
Now my query is that, if a partnership firm is preparing the supplimentary deed on the last day of F.Y. 2009-10 and giving effect of the change in sec. 40(b) retrospectively w.e.f. 01/04/2009.
whether the said supplimentary deed is valid in the law?
CA Sanat Pyne
(Expert)
31 July 2010
yes it is valid .
Message likes :
1 times
31 July 2010
SUPPPLEMENTARY DEED WITH RESTROPECTIVE EFFECT IS VALID.
Message likes :
1 times
06 August 2010
Thanks A lot Once Again...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- Working on Gold wastage during Melting of old gold jewellery
- GSTR-9C filing
- Import Order Cancelled.
- TDS on Dashcam rent and allied services
- ETDS return q4 25-26
- IMS (import of goods) ITC related
- Advances to related party
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
