Remuneration to partners

is remuneration paid to partners allowed if the partnership deed contains the following clause

" The partners have agreed that the remuneration shall be determined as under

if the book profit is nil or loss                          remuneration= Rs 1,50,000

on 1st Rs 3,00,000 book profit                       remuneration= 90% of book profit or Rs 1,50,000 whichever is higher

on balance of book profit                                 at the rate 60%

and the remuneration shall be shared in equal ratio