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Salary of partners
if partnership deed provides salary of each partner is 5000 pm . can we expensed more than 5000 pm each partner while finalising profits? or we have to redraft partnership deed ??
Replies (7)
Quick Summary
Salary should be according to partnership deed
you have to redraft agreement
you have to redraft agreement
Yes... I agreed to Mr Dipesh Jha.,
If You will pay above 5k as Salary then You must be note this in deed as per above reply by expert...
while finalising profits?
- in this view no problem for sharing Profit to partners account and they can withdraw the same as their will...
If You will pay above 5k as Salary then You must be note this in deed as per above reply by expert...
while finalising profits?
- in this view no problem for sharing Profit to partners account and they can withdraw the same as their will...
Thanks for the guidance experts..
Payment of salary must be in accordance with Partnership Deed. The Deed must provide the salary amount not exceeding maximum salary prescribed under Income Tax Act.
Any variation needs amendment in Deed.
Profit or Loss sharing in the ratio as per Deed.
Withrawals have to be in line with Clauses of Partnership Deed. It's not at WILL.
Any variation needs amendment in Deed.
Profit or Loss sharing in the ratio as per Deed.
Withrawals have to be in line with Clauses of Partnership Deed. It's not at WILL.
No limits for Withdrawal from the current account of the partners... Will means Partner can withdraw the amount without any limit in the Book balance..
Withdrawal related powers are as per Partnership Deed only.
One may do everything in proprietory concern .
One may do everything in proprietory concern .
In partnership deed preparing capital, PandL.... but, not for profit withdrawal from the capital (current account)...
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