salary to partners inf.y 0910
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 February 2010
from witch date we can made salary to partners with new rates i.e. on 3 lakh 90% is it 1/4/09 or the date on witch budget is pass
Aditya Maheshwari
(Expert)
27 February 2010
The following has been added in respect to remuneration:
The following items shall be substituted for the existing items (1) and (2) of sub-clause (v) of clause (b) of section 40 by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010 (i . e. from A. Y. 2010 - 11)
So it is w. e. f. 01.04.2009. However the amendment also required amendments in the partnership deed and any changes in the partnership deed cannot be made retrospectively
The following items shall be substituted for the existing items (1) and (2) of sub-clause (v) of clause (b) of section 40 by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010 (i . e. from A. Y. 2010 - 11)
So it is w. e. f. 01.04.2009. However the amendment also required amendments in the partnership deed and any changes in the partnership deed cannot be made retrospectively
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