K P BHANUSHALI (PROPRIETOR) (532 Points)
22 January 2025Attn Friends/Seniors,
As per Topic Title, Under Indian Income Tax Act, previously therewas clause that Upto First 3 Lakh, 90% of the book profits were to be distributed between/amongst partners.
From this year, this clause has been changed to Upto First 6 Lakh, 90% of the book profits were to be distributed between/amongst partners.
My query is shall I prepare New Deed during the current year or next year ?
Thanks in advance.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(182500 Points)
Replied 22 January 2025
It is applicable from the date of changes made in the partnership deed, even for current FY.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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