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of <h1>Finance Bill 2024 amends Section 40 of Income-tax Act, doubling deductible remuneration for working partners effective April 2025.</h1> Clause 14 of the Finance (No. 2) Bill, 2024 proposes an amendment to section 40 of the Income-tax Act, specifically targeting the disallowance of remuneration paid to working partners. The amendment increases the deductible limit for remuneration to Rs. 6,00,000 from Rs. 3,00,000 and to Rs. 3,00,000 from Rs. 1,50,000, or 90% of the book-profit, whichever is higher. This change will be effective from April 1, 2025, applicable for the assessment year 2025-2026 and onwards.
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