Cash payment to partner
This query is : Resolved
09 September 2008
Dear Sir,
In the case of Partnership firm as on 31-03-2008 partnership firm was dissolved and partnership firm converted into proprietorship firm and retiring partner has received his share in cash exceeding Rs. 20000/-.
I want to know that whether contuining partner(proprietor) can paid cash to retiring partner. I also see section 269ss and 269T but can't get any clue.
In the case of Partnership firm as on 31-03-2008 partnership firm was dissolved and partnership firm converted into proprietorship firm and retiring partner has received his share in cash exceeding Rs. 20000/-.
I want to know that whether contuining partner(proprietor) can paid cash to retiring partner. I also see section 269ss and 269T but can't get any clue.
Guest
Guest
(Expert)
09 September 2008
Regarding cash payment in excess of Rs. 20000/- please note that the section covers only those payments which you are going to take as deduction of expenditure from your income hence the payment towards capital will not attract the said section.
Rohit
Rohit
09 September 2008
Mr.Rohit is absolutely correct.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Regarding TDS Applicability For Director Remuneration
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
