Question ID : 31719

REMUNERATION IN PARTNERSHIP DEED

Remuneration in Partnership deed is required to be mentioned specifically as per the wordings of the Income-tax. However, whether a fixed sum as salary can be specified in deed and for the additional remuneration (payable as commission) payable within the limit specified in the IT Act Sec 40(b)(v) could be mentioned in the deed, so as to pay remuneration as per the IT act without amending deed every year?

posted by SURAJ KUMAR CHOUDHURY on Jun 25 2018 12:00AM