Remmuneration to Partner

This query is : Resolved

Milind Nadkarni (Querist)
Follow

20 July 2011 As per new provision of Income Tax Act the limit of remuneration allowed to partners is increased.
My querry is whether the partnership deed is also required to be amended to avail the benefit of additional remuneration.

Regards
Milind

Ravikant

Ravikant (Expert)
Follow

20 July 2011 Income tax act will override the clause of the partnership deed, no need to amend the deed.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

20 July 2011 The wordings in section 40(b)(v) is ..... in accordance with the terms of the partnership deed...... which means the new provsions should be included in the partnership deed to avail the deduction at the enhanced rate.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

siddhesh satardekar

ARUP BHATTACHARYA

venkatesh c

KANHA ASSOCIATES

Raj Jaggi

Subscribe Now

Remmuneration to Partner

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

CA Final

Manager- Finance and Compliance

Senior Executive

GST CONSULTANCY

Accountant