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of <h1>Union Budget 2024-25 proposes increased remuneration limits for partnership firms u/s 40, effective April 2025.</h1> The Union Budget 2024-25 proposes an amendment to Section 40 of the Finance Act regarding the remuneration limits for working partners in a partnership firm. Previously, remuneration was capped at Rs. 1,50,000 or 90% of the book-profit on the first Rs. 3,00,000, whichever was higher. The new proposal increases this limit to Rs. 3,00,000 or 90% of the book-profit on the first Rs. 6,00,000. The balance of the book-profit remains at a 60% rate. These changes will be effective from April 1, 2025, applicable for the assessment year 2025-2026 and onwards.
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