Drawing
This query is : Resolved
Amit Chaudhary
(Querist)
29 December 2015
Fund withdraw from firm will impact on partners individual income tax liability..?
, if yes please explain.
Rgds,
Amir.
Ankur Singhal
(Expert)
29 December 2015
Dear Amit
Drawings is form of capital withdrawn is capital receipt hence not taxable in hands of partner
As the salary and interest are taxable on acrual basis no matter partner withdraw it or not
So all drawings are in nature of capital receipt not taxable.
Drawings is form of capital withdrawn is capital receipt hence not taxable in hands of partner
As the salary and interest are taxable on acrual basis no matter partner withdraw it or not
So all drawings are in nature of capital receipt not taxable.
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