Important points while drafting Partnership Deed ?

CA. Arul Mozhi Varman (Consultant) (286 Points)

24 June 2008  

As a matter of Tax planning, give some important points while drafting a partnership deed.?

Let me give one.

The partnership deed should either specifies the amount of remuneration payable to each individual working partner or lays down the manner of quantifying such remuneration

Otherwise no deduction under section 40(b)(v) will be admissible  —Circular : No. 739, dated 25-3-1996.