Partnership deed clause of remuneration

Amit Kumar (Chief Accounts Officer) (183 Points)

01 March 2014  

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


"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