Income Tax: Limit of remuneration to working partners in partnership firms allowed as deduction...

Income Tax: Limit of remuneration to working partners in partnership firms allowed as deduction increased - on first Rs 6,00,000 of book profit or loss, Rs 3,00,000 or 90% of book profit, whichever higher; on balance book profit, 60%. Amendment to Section 40(b)(v) effective from April 1, 2025 for assessment year 2025-2026 onwards. Existing limit Rs 1,50,000 or 90% of book profit on first Rs 3,00,000, 60% on balance. .....

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