Computation of income in case mou

This query is : Resolved

yogesh (Querist)
Follow

02 August 2013 sir,

Mr.x has a properitorship firm having name " sun enterprise".my questions are---
1) Mr. x has pan card on his own name. whether he is required to apply for new pan no in the name of sun enterprise??

2) Sun enterprise has income of Rs.600000 during py 2012-13. now, Mr.x has MOU with Mr.y. as per MOU, Mr.x and Mr.y, both are partner sharing equal ratio.(i.e. 50%).my question is whether all 6 lakhs are taxable in the hands of sun enterprise i.e. Mr.x?(at slab rate) or 3 lakhs are taxable in the hands of mr.x and mr.y each?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

02 September 2013 Before your question I would like to ask you a question whether MOU as made can be treated as a partnership? In fact it is no. So do the business in he name of Sun Enterprise and show 50% as commission or brokerage or any other format to pay Y. Therefore from the date of MOU whatever income will be generated the same shall be shared the income generated prior to MOU belongs to only Sun Enterprises

yogesh

yogesh (Querist)
Follow

13 September 2013 thank you sir for giving your valuable opinion.. once again thank you very much..

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now