Remuneration

Remuneration to Partners – Clause 15 – S. 40 According to existing provisions, payment of remuneration to working partner is allowed as deduction; professional firm and other firms are treated separately. Clause 15 of the Finance Bill proposes to make upward revision of existing limits of remuneration on uniform bases as under for both types of firms: (i) If book profit is negative Rs 1,50,000 (ii) Incase book profit is positive On First 3 lakh of Book profit or loss. Rs.1,50,000 or 90% 90 whichever is more On Balance At 60% The Amendment will take effect from 1-4-2010 (A.Y. 2010-11) onwards. Twitter Delicious Digg Facebook Stumbleupon RSS About the Author I`m SENTHAMARAIKANNAN Author Of Senthamaraikannanclub and i interested in Blogs and socialnetworking I wrote so many blogs in my name since 2007.Follow me On Twitter, Like us On Facebook, Join us on Google +