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of <h1>Clarification on Partner Remuneration Deductions u/s 40(b)(v) of Income-tax Act for 1993-97 and Beyond.</h1> The circular addresses the admissibility of remuneration for working partners under section 40(b)(v) of the Income-tax Act, 1961. It clarifies that for assessment years 1993-94 to 1996-97, deductions may be allowed if the partnership deed includes a clause specifying remuneration as per section 40(b)(v). However, if the remuneration amount or limit is not specified and left to be determined at the end of the year, deductions are not permitted. From the assessment year 1997-98 onwards, the partnership deed must specify the remuneration amount or the method of quantification for deductions to be allowed.
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