https://www.taxtmi.com/acts?id=10525 The amendment revises the deductibility of remuneration to working partners by replacing the prior multi-tiered, firm-specific limits with a uniform two-slab mechanism: an enhanced allowance on the initial slab of book-profit (or, in case of a loss, a specified fallback amount, or alternatively a percentage of book-profit, whichever is more) and a fixed percentage allowance on the balance of book-profit. The change removes distinctions between professional and non-professional firms and applies prospectively from the fiscal year beginning 1 April 2010. en-us Tue, 07 Jul 2009 15:45:58 +0530 Tue, 07 Jul 2009 17:44:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=10525 The amendment revises the deductibility of remuneration to working partners by replacing the prior multi-tiered, firm-specific limits with a uniform two-slab mechanism: an enhanced allowance on the initial slab of book-profit (or, in case of a loss, a specified fallback amount, or alternatively a percentage of book-profit, whichever is more) and a fixed percentage allowance on the balance of book-profit. The change removes distinctions between professional and non-professional firms and applies prospectively from the fiscal year beginning 1 April 2010. Act-Rules Bills Tue, 07 Jul 2009 15:45:58 +0530 https://www.taxtmi.com/acts?id=10525