Partnership Remuneration new amendment

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

19 April 2010 Hi All,

I want to know two things

1.
Whether the new added remuneration ceiling for partners (Rs 300000/-) can be applied to the last financial year ie, 2009-10 (for which we submit the IT this year).

2.
Can the working partners take any amount, other than the remuneration or commission paid under the ceiling section 40(b), which will be treated as expense of the firm authorized or unauthorized by the deed.ie, By simple

if Rs 3 lakh is the total remuneration payable to the working partners according to ceiling of section 40(b). I want to know any other amount, other than this Rs 3 lakh can be paid to working partners as commission or any such, which will be deducted from the total income of the firm
please answer with appropriate section.

My accountant says there is a provision in the IT for the same. But when I searched for it, all answers says, all the amount paid to partners under any name comes under the ceiling of section 40(b). Is my accountant's view true. I am in a nightmare. I need an experts help.
Please help me!!

Thanks In Advance