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            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.

            Provisions expressly mentioned in the judgment/order text.

            <h1>Section 40(b) of Income Tax Act: Deductions for Partner Payments in Firms & LLPs, Conditions & Limits Explained</h1> Section 40(b) of the Income Tax Act outlines the conditions under which a partnership firm or LLP can deduct interest, bonus, commission, or remuneration paid to its partners. Deductions are allowed only if payments are made to working partners and specified in the partnership deed. Interest payments must not exceed 12% per annum. Remuneration deductions are based on book profit, with specific limits for losses or profits up to 3,00,000 and for the balance. Interest paid on partners' fixed capital accounts is deductible if authorized by the partnership deed. Certain conditions and court rulings further clarify allowable deductions and computation of book profits.

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