20 October 2013
Can we put remuneration clause in a deed like this: Please clarify 1.That the both the Partners are entitled to remuneration under section 40(b) of the Income Tax Act, 1961 w.e.f the execution of the Deed of Partnership is as under:
The remuneration, for every year, is calculated as specified under section 40(b) of the Income Tax Act,1961, and the same can be divided between the partners as per their Profit/Loss sharing ratio.
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