Audit partner ship firm a/c and itr filing.
Querist : Anonymous
I have some issues regarding Partnership firm
audit and filing. As one of my client started
one partnership firm and in partnership deed clearly mentioned capital of firm is Rs.5 lakhs which will contribute by all partners equally. But partners contributed only Rs.2 lakhs. Is this have any conflict under income tax act or as per partnership act?. if yes, what is that?
Again in the same deed mentioned that Rs.5000 p.m is payable to working partners, as there are 2 working partners in the firm. Firm has not paid the salary to working partners as there is no income to firm.
1.Now can the firm claim this salary as expenses?.
2. what is the tax implications from partners point of view if already filed the return?
Thanks in advance
Querist : Anonymous
2. As per actual income distributed by firm.
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