Hi
I checked the partnership deed & the calculation of remuneration is different from the normal rule
-----------------------
In case of loss or book profit up to Rs.75000 --- Rs.50,000 - or 90% of book profit whichever is for the year higher
On the amount of book profit exceeding Rs.75000--- 60% of the excess over Rs.75000
but not exceeding Rs.1,50,000 for the year
On the book profit exceeding Rs.1,50,000 for the year--- 40% of the excess over Rs.1,50,000
---------------------------------
My question is do i need to abide by the rule mentioned in the partnership deed or i can follow the new rule set by the authorities.
We also have the below clause in the partnership deed which i think can be used to change the remuneration calculation :-
"That the partners can change,add,modify,delete, or vary any terms and conditions of this deed by mutual consent in writing & such addition & deletion shall not required execution of fresh partnership deed and/or supplementary deed unless the same is relating to change in profit sharing ratio"

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Dear Friends
Greetings!

Can any one provide me the checklist to purchase a partnership firm in karnataka
Our company, a pvt ltd. company, is purchasing a partnership firm in karnataka, can any one give me the possible check list to acquire the similiar business?
Thanks in advance
naren

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Dear Sir,

We received one Letter of Credit through ABC company registered in India for export of merchandise in INR to a foreign country.

In the LC it is mentioned that goods to be exported to foreign country but we have following doubts;

1) Invoice as asked by them in the name of Indian company as buyer and Buyer other than consignee as US company - will it be called as local sale.

2) The ABC company in India is giving disclaimer not to avail any DBK or DEPB - is that an indication that it is a local sale.

3) Payment will come from Indian Bank for this export transaction - will it attract any banking consequences?

4) Does this kind of sale will attract any Excise?

Please advise