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remuneration to partner

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 January 2010 with reference to above i want to know when the rule for new remuneration to partner will be in effect from
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CA RITESH JUNEJA

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CA RITESH JUNEJA (Expert)
19 January 2010 This shall be applicable from the F/Y 2009-2010 itself:
So previous partnership deeds need changes in remuneration clause.

1.ON THE FIRST RS.300000- OF BOOK PROFITS
=> 90% OF THE BOOK PROFITS OR RS 150000
WHICHEVER IS MORE

2.IN RESPECT OF BOOK PROFITS MORE THAN RS.300000-
=>60%


FOR YOUR RFERENCE,EARLIER PROVISIONS WERE:

1.ON THE FIRST RS. 75000- OF BOOK PROFITS
=> 90% OF THE BOOK PROFITS OR RS 50000
WHICHEVER IS MORE

2.IN RESPECT OF NEXT RS.75000 BOOK PROFITS
=> 60%

3.IN RESPECT OF BALANCE
=> 40%


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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
19 January 2010 FY 09-10 ie. AY 10-11
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Querist : Anonymous

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Querist : Anonymous (Querist)
21 January 2010 gm. thanks for ur valuable suggetion plz tell me from which date the partnernership deep to be change for new remuneration clause.
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CA RITESH JUNEJA

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CA RITESH JUNEJA (Expert)
21 January 2010 a supplimentary deed can be written to effect the new clause mentioning the applicability for financial year 2009-2010
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