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cash drawings

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 February 2015 Sir,
is cash drawings made by partners exempted in hands of both partners and the firm??
if not is there an limit to the amount of drawings in cash?? so that it can be exempted in at least one`s hands??

Thanks in advance
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CA Ajeet Patel

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CA Ajeet Patel (Expert)
28 February 2015 no such exemption in income tax.

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