Increase in limit of remuneration to working partners of a firm allowed as deduction

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..... of business or profession". Sub-clause (v) of clause (b) of the said section provides for disallowance of any payment of remuneration to any partner who is working partner which is authorized by and is in accordance with the terms of the partnership deed and relates to any period falling after the date of such partnership deed in so far as the amount of such payment to all partners during the prev .....

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..... of 90 per cent of the book-profit, whichever is more; (b) on the balance of the book-profit at the rate of 60 per cent : 3. The amendments to sub-clause (v) of clause (b) of section 40 of the Act will take effect from the 1st day of April, 2025 and will, accordingly, apply in relation to assessment year 2025-2026 and subsequent years. [Clause 14] Full Text: Union Budget 2024-25 (Full) + FI .....

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