Remmuneration to Partner
This query is : Resolved
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
My querry is whether the partnership deed is also required to be amended to avail the benefit of additional remuneration.
Regards
Milind
20 July 2011
Income tax act will override the clause of the partnership deed, no need to amend the deed.
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- Salary and pension received from Asian Development Bank
- BIS Certificates
- Last year TDS Claim
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Capital Gain on EUITY Shares
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
