New partnership deed

Do you have a format of partnership deed?

yes.have a formate

Yes so according to format make a deed and include income tax applicable clauses related to interest, remuneration, etc.

please tell me details of income tax applicable clauses.

 

any payment of remuneration to any partner who is a working partner, which is authorised by, and is in accordance with, the terms of the partnership deed and relates to any period falling after the date of such partnership deed in so far as the amount of such payment to all the partners during the previous year exceeds the aggregate amount computed as hereunder :—

Interest shall be payable @ 12% on average capital at the end of the year and remuneration may be or may not be payable that may be decided by partners in partnership deed.

My question is How can contribution of capital in new partnership deed by  a Running Proprietor worth capital which is near about Rs.15 lakh and new Partner brings only Rs.1 lakh  capital contribution.But P/L ratio equal  both Partner agree for those. How can showing in Partnership Deed?

 

Its a normal thing that capital of both partners being different but PNL ratio being same so you can show it in normal way its shown in deed.

Thanks