please help!!!!!!!!!!

Tax queries 523 views 1 replies

Final Student

427 Points Joined February 2009

section 40(b) remuneration to partners in a firm

Proposed remuneration structure ( both for Professional & non professional to bring uniformity)

on the first Rs. 3,00,000 of the book-profit or in case of loss	Rs. 1,50,000 or @ 90 per cent of the book-profit, whichever is more
on the balance of the book-profit	at the rate of 60 per cent;

This amendment will take effect from 1st April,2010 & accordingly effected from 2010-11

can u plz tel me from which date the above stated amendment is effective??????

Is it from assessment year 10-11,???? that means it is effective from 1st april 09???????

Replies (1)

Cost & Management Accountant

71609 Points Joined September 2008

Sec 40B Amendment Effective from Assessment year 2010-11 so it is effective financial year 2009-10 i.e 1st April 2009

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