remuneration to partners
This query is : Resolved
04 October 2010
I have a doubt regarding the payment of remuneration to partners. As per the new provisions which read as follows- " In case of Loss or book profit upto Rs. 3,00,000/- - Rs. 1,50,000 or 90% of book profit whichever is more". Now if the book profit is Rs.50,000, can the firm restrict the remuneration to partners to Rs. 50,000/- or will it have to allow Rs. 1,50,000 which is more then 90% i.e. Rs.45000/- in this case.
04 October 2010
As per the the amended law, Rs.1,50,000/-has to be provided towards remuneration. However, in such a situation, if the partnership deed contains a clause with a lesser amount of remuneration than what is stated above, then that lesser amount can be provided.
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