remuneration to partners
Querist : Anonymous
is this deed is valid for the purpose of section 40(b)?
if the partners mutually decides for total remuneration only 30% of book profits, the same shall be allowable?
The determination of the partners remuneration is mentioned.
Yes, If all the partners agree to take only 30% of profits.
Querist : Anonymous
Whatever is provided in the partnership deed is the maximum or as per Sec 40b if the refeence is made in deed.
OR
Provide the exact wording of the partnership regading the partner remuneration for bette picture.
From the asst year 1997-98 and onwards, no deduction u/s 40(b)(v) will be admissible unless the partnership deed either specifies the amount of remuneration payable to each individual working partner or lays down the manner of quantifying such remuneration.
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