dear sir,
my uncle owns a propreitor firm and now we want to make it to partnership firm in the next year from 1.4.15
we are going to be 50:50 partnership, our turnover in last year 2014-2015 is around 1.3 crores
with approx net profit of 6 lakh and gross profit of 20 lakh
My query is can i put term of 30000 per month salary for partners along with 12% bonus yearly. considering
above figures of net profit will be continued for this year or may get better?
My uncle says this much salary cant be put in the clause of the partnership deed. experts please guide
For current year my uncle is already paying me salary of 20000 rs
CAclubindia
