04 August 2018
Paid remuneration Rs.360000/- p.a(2 partners as per deed). Maximum remuneration as per Book Profit comes to 48,00,000 /- & the same i want to claim in to my partnership business. Can I do so..?
04 August 2018
Sir here below i texted the wordings used in my partnership deed(Remuneration part). Please go through & suggest me whether i can show Rs.4800000/-in P&L.
"Each partner shall be entitled to draw the remuneration to a fixed sum of Rs.15,000/- p.m. The difference between the remuneration computed as per Section 40(b)(v) & the remuneration paid to the partners on monthly basis shall be credited to their accounts at the end of the year after determination of the Book Profit. The total remuneration payable to working partners shall not exceed the aggregate of the amounts mentioned in Section 40 clause (b) sub-clause (v)."
CAclubindia
