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TMI BlogAmendment of section 40X X X X Extracts X X X X X X X X Extracts X X X X ..... ion or remuneration, by whatever name called (hereinafter referred to as remuneration) to any partner who is not a working partner; or (ii) any payment of remuneration to any partner who is a working partner, or of interest to any partner, which, in either case, is not authorised by, or is not in accordance with, the terms of the partnership deed; or (iii) any payment of remuneration to any pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te of eighteen per cent. simple interest per annum; or (v) any payment of remuneration to any partner who is a working partner, which is authorised 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 the partners during the previous year exceeds the aggregate amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovided that in relation to any payment under this clause to the partner during the previous year relevant to the assessment year commencing on the 1st day of April, 1993, the terms of the partnership deed may, at any time during the said previous year, provide for such payment. Explanation 1 : Where an individual is a partner in a firm on behalf, or for the benefit, of any other person (such pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st is received by him on behalf, or for the benefit, of any other person. Explanation 3 : For the purposes of this clause, "book-profit" means the net profit, as shown in the profit and loss account for the relevant previous year computed in the manner laid down in Chapter IV-D as increased by the aggregate amount of the remuneration paid or payable to all the partners of the firm if s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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