Partnership deed clause of remuneration

i am creating a Parnership firm in which i want to insert a Clause

Salary:

"Remuneration will be allowed to Mr. Rohit @ 15000 per month, no remuneration will be allowed to Mr. Amit Kumar."

Profit and Loss Distribution

Profits will be distributed in the ration of 1:1

I am a Chief account officer in a company and i alrady have taxable income so i want to avoid tax on my income from Computer Center which is nearly 250000 every year and Mr. rohit has no income source.

i am right in doing this or not, please help

Replies (1)

Salary given to partners are not allowed as per the amount mentioned in the deed but depends upon the book profits of the firm.

for more details visit and post : https://knowyourtaxation.blogspot.in/

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