Partnership deed, salary not mentioned.

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harsh (Querist)
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15 October 2012 Dear all,
Running a partnership firm, deed does not specify any salary to partners though both working, whereby provision of execution of supplementary deed exists.

Date Of firm Incorporation through partnership, Nov - 2010
No turnover up-till March,2011 however balance sheet reflects Rs 573, In P&L A/c therefore didn't filed return,
But by grace of god, business plunged to profits in Financial year 1-04-2011 :: 31-3-2012 showing profit 4.5 lks without deducting expenditures yet.

Nevertheless, deed does not specify salary, after deducting expenditure it has come up to 2.40, should i manage an old dated stamp paper mentioning salary, or could provide with more expenditure up till 2.0 laks and taxing 40k @ 35%

Please guide, putting more expenditure could save firm, from impunity from tax guys.?

If managed to get stamp paper, should it be purchased in the name of firm, or by person if so, is it valid? Further supplementary amended deed should be send to tax department as PAN is allotted, or should be in safe custody?

Naresh Dharia F.C.A.

Naresh Dharia F.C.A. (Expert)
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15 October 2012 At first,let me mention that Partnership Deed remains incomplete without the Remuneration Clause...

Further, now u cannot assume that remuneration will be given to partners as per your calculation..

NOW, u draft a supplementry and quote the remunearion and do the needful....Do not go back with the back date stamp paper...it is NOT ADVISABLE

Ok

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harsh

harsh (Querist)
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15 October 2012 as advised, this means need to deposit tax @ 2.40, Many folds of the question untouched, would have appreciated if guided regarding the same, might be as the platform is free, and thankless, however advise further to show more expenses, to quantify large query to small.

What would happen if i go with a back date stamp paper?

Provide solution to the problem, and thanks for the hard advice.

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Naresh Dharia F.C.A.

Naresh Dharia F.C.A. (Expert)
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17 October 2012 Well...In case u get the back date stamp paper then there is no query at all...

U may claim the remuneration & int as u otherwise would have mentioned...

OK...

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