TMI BlogDetermination of remuneration paid to partner - working / retiring partner - the firm has incorporated...Determination of remuneration paid to partner - working / retiring partner - the firm has incorporated the terms of section 40(b), providing for the maximum amount of remuneration payable to the working partners of a partnership firm with reference to it’s ‘book-profit’, as defined therein, in the partnership deed itself for quantifying the said remuneration. As the same is thus based on book-profit, the firm prepared two profit & loss accounts, i.e., for the period up to the date of retirement ..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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