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partnership

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(Querist)
25 September 2008 as per section 40. what deductions applicable to the partnership firm.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
25 September 2008 Under section 40(b)
1.Interest on capital @12% per annum.
2.Remuneration to working partners in the following manner
a)if the assessee is doing business
on the first Rs. 75000/-of profit @90%
on the next Rs 75000/- of profit @60%
on the balance profit @ 40%
b)if the assessee is doing a
profession
Rs 75000/- may be read as Rs 100000/-
If the assessee if making a loss or if the profit is less than Rs.75000/-maximum remuneration allowable is Rs 50000/-

To get these deductions the instrument of partnership must contain specific clauses containing the above referred matters.
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