https://www.taxtmi.com/article/detailed?id=1134 Section 40(b) permits deductions for partner remuneration and interest only if paid to a working partner, authorized by the partnership deed and quantified therein or by a specified method; remuneration is allowable only from the date the deed authorizes it. Aggregate remuneration is limited by a tiered formula based on book profits, interest to any partner is deductible only up to 12% per annum, and special rules govern representative capacity and the computation of book profit. en-us Mon, 14 Feb 2011 15:26:29 +0530 Mon, 14 Feb 2011 15:26:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1134 Section 40(b) permits deductions for partner remuneration and interest only if paid to a working partner, authorized by the partnership deed and quantified therein or by a specified method; remuneration is allowable only from the date the deed authorizes it. Aggregate remuneration is limited by a tiered formula based on book profits, interest to any partner is deductible only up to 12% per annum, and special rules govern representative capacity and the computation of book profit. Articles Income Tax Mon, 14 Feb 2011 15:26:29 +0530 https://www.taxtmi.com/article/detailed?id=1134