Change in partners salary

You need to amend the Partnership Deed saying that The Partners shall be paid salary as per the Provisions of Section 40(b) of the Income Tax Act, 1961 as amended from time to time in their Profit Sharing Ratio.

Thanks for your reply

Can you please let me know the clear procedure for amending the Partnership deed?

Any registration is required for that?, because in the Partnership Act it is given that the Deed can be amended for Admission, retirement etc., but there is no clause for amending the salary

Murali

The procedure for amending the Partnership Deed is similar to that of Original Partnership Agreement.