(a) - i think only managing partner is eligible for remuneration in partnership firm for salary as per IT act. what r the consequences if other partners also draw remuneration - is it is not given any deduction as an expense in P&L a/c, if so then is it tax free in the hands of partners.
Can partnership deed authorise salary payment to partners who are not managing partners.

(b) can a firm have multiple managing partners.

Is it possible for a partnership firm to have PSR like this
say 3 partners:
A - 30%
B - 30%
C - 30%
Reserves & Surplus a/c - 10%

Res & Surpls a/c to be distributed equally among the partners or as mutually agreed upon by them at any time or at the time of distribution

Sir,
I want to know if there is any provision by which accounting period as per Companies act and as per Income tax Act can differ, if yes then please suggest under which section of companies Act.

Whether probation period is counted for the purpose of calculating 5 years?

Suppose an employee completes 1 year in probation and immly the organisation confirms the probation. After that the Employeee completes 4.5 years under confirmation. Is he eligible for Gratuity under the act.

what is a procedure for closing P.F.Account?

can a foreign company become a partner in an indian partnership firm.

Can you tell me the as to how money has to be brought in India by this foreign company for purpose of doing business in real estate.

This is with regard to 205 1A of Dividend distribution.

The language of the provision is very plain, as it does not throw more light on the matter.

Here is a practical case in which a public but non-listed company (i.e.closely held company)wants to distribute dividend to its 6 shareholders.

It is very clear that, the public at large is not interested in the company.

The problem I encountered is regarding a seperate dedicated dividend account.

Is is essential for company to route the payment through this account?

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

Helo All,

Person A, ROI has funds lying in his foreign account, generated through consultancy, in Europe. May I know the procedures for bringing the same to India?? I know there will be tax at appicable rate. But would like to know procedural issues like permission from various authorities etc...Thanks,

what's difference between Registered Mortgage and Equitable Mortgage in field of banking terminology.

Please advise????

Land own by a familiy

Leased out a trust on a nominal rental charges,

Can trust build up building on that and show in its balance sheet, can we do some agreement betweeen the owner and trust for devleopment of building without any consideration.

Can trust give some part of the building to its associated company to run day to day business if so what agreement is required.

Can we do cash less agreement between trust and its associated pvt ltd., company in liew of some services provided by its associated company to the Trust.

the main issue is - can we do cash less agreement