14 April 2017
My wife is partner in a clinic. She is being paid professional fees for all the consultation, procedure and scanning and other work she does in the clinic. My query is will be professional fees be considered as partner's remuneration or partner remuneration and professional fees can be in separate heads.
14 April 2017
Partners remuneration and professional fees are different things. Partners remuneration is an appropriation of profits of the firm. It is paid to a partner for taking part in day to day business of the firm and for management of its affairs. Whereas professional fees is paid on account of professional expertise and professional services rendered by a partner for the cause of the firm. therefore in my opinion both may be paid as distinct heads.
CAclubindia
