Firms
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
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.
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Value of property in capital gain
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- 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
