Minutes
This query is : Resolved
01 November 2010
Can any experts pls help me to frame mintues for a partnership firm in respect os partners remuneration for the AY 2010-11.
Urgent
Urgent
01 November 2010
(I) in case of a firm carrying on a profession—
(a) on the first Rs. 1,00,000 of the book-profit or in case of a loss
(b) on the next Rs. 1,00,000 of the book-profit
(c) on the balance of the book-profit
(a)Rs. 50,000 or at the rate of 90 per cent of the book-profit, whichever is more; (b)at the rate of 60 per cent; (c)at the rate of 40 per cent respectively.
(2) in the case of any other firm—
(a) on the first Rs. 75,000 of the book-profit, or in case of a loss
(b) on the next Rs. 75,000 of the book-profit
(c) on the balance of the book-profit
(a)Rs. 50,000 or at the rate of 90 per cent of the book-profit, whichever is more; (b) at the rate of 60 per cent; (c)at the rate of 40 per cent respectively.
The revised limits as under:
(a) on the first Rs. 3,00,000 of the book-profit or in case of a loss
(b) on the balance of the book-profit
(a)Rs. 1,50,000 or at the rate of 90 per cent of the book-profit, whichever is more; (b)at the rate of 60 per cent;
Applicability - This amendment has been made applicable with effect from 1st April, 2010 and will accordingly apply in relation to the assessment year 2010-2011 and subsequent assessment years.
(a) on the first Rs. 1,00,000 of the book-profit or in case of a loss
(b) on the next Rs. 1,00,000 of the book-profit
(c) on the balance of the book-profit
(a)Rs. 50,000 or at the rate of 90 per cent of the book-profit, whichever is more; (b)at the rate of 60 per cent; (c)at the rate of 40 per cent respectively.
(2) in the case of any other firm—
(a) on the first Rs. 75,000 of the book-profit, or in case of a loss
(b) on the next Rs. 75,000 of the book-profit
(c) on the balance of the book-profit
(a)Rs. 50,000 or at the rate of 90 per cent of the book-profit, whichever is more; (b) at the rate of 60 per cent; (c)at the rate of 40 per cent respectively.
The revised limits as under:
(a) on the first Rs. 3,00,000 of the book-profit or in case of a loss
(b) on the balance of the book-profit
(a)Rs. 1,50,000 or at the rate of 90 per cent of the book-profit, whichever is more; (b)at the rate of 60 per cent;
Applicability - This amendment has been made applicable with effect from 1st April, 2010 and will accordingly apply in relation to the assessment year 2010-2011 and subsequent assessment years.
01 November 2010
You have to change the partnership deed and not pass resolution.
01 November 2010
If a pertner's remuneration as compared to previous year's decreases in the current AY, does passing of a resolution is required?
01 November 2010
No you have to change the deed only.
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