Remuneration payable to partners

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sandeep (Querist)
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23 October 2009 What is the remuneration payable to partners on book profit and also what is maximum and minimum remuneration payable in case of no profit or even loss.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 October 2009 W.e.f. 1-4-2010 :-
(a) on the first Rs. 3,00,000 of the book-profit or in case of a loss
Rs. 1,50,000 or at the rate of 90 per cent of the book-profit, whichever is more;
(b) on the balance of the book-profit
at the rate of 60 per cent.