09 May 2013
if in partner ship deed it is written that no remuneration allowed in case of loss. and in the year end firm goes to loss, can we give remuneration of 150000 even if deed not allowed.
clause (v) of sec. 40(b) authorize payment of remuneration of Rs. 150000/- even in case of loss ONLY AND ONLY IF IT IS IN ACCORDANCE WITH THE TERMS OF PARTNERSHIP DEED AND AUTHORIZED BY THE DEED.
CAclubindia
