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of <h1>Amendment to Income-tax Act Section 40: Standardized Deduction Limits for Payments to Firm Partners Effective April 2010.</h1> Clause 15 of the Finance (No. 2) Bill, 2009, proposes amendments to section 40 of the Income-tax Act, specifically sub-clause (v) of clause (b). The amendment revises the limits for deductions on payments to working partners in firms, including salary, bonus, commission, or remuneration. Previously, deductions varied between professional and non-professional firms. The new provision standardizes these limits, allowing deductions on the first 3,00,000 of book-profit or 1,50,000 in case of a loss, whichever is higher, and 60% on the balance. These changes will be effective from April 1, 2010, applicable to the assessment year 2010-2011 onwards.
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