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This query is : Resolved
24 November 2011
Partner has invested cash as capital, is there any violation in Income Tax Act?
25 November 2011
NO violation!
29 November 2011
Thanks for your reply , in connection with partner investing cash as capital. Is there any case laws in our favour.
29 November 2011
Thanks for your reply , in connection with partner investing cash as capital. Is there any case laws in our favour.
29 November 2011
Incometax act disallows payments in cash above rs 20000. Here disallowance is with respect to EXPENDITURE.
Investing capital in a firm in capacity of partner is not an expense. Therefore question of dis-allowance does not arise.
Thus there is no violation and a partner can infuse capital in cash!
Best regards
Investing capital in a firm in capacity of partner is not an expense. Therefore question of dis-allowance does not arise.
Thus there is no violation and a partner can infuse capital in cash!
Best regards
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