Income tax

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kawal (Querist)
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19 March 2010 sir patnership firm main net profit 50Lac/- hai , cash in hand 1 lac negtive hai. profit 5lac dikhana hai. pls advice how i adjust the profit??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 March 2010 YOU HAVE NOT MENTIONED WHEATHER YOU HAVE MADE PROVISION ON REMUNERATION, INTEREST ON CAPITAL,
IF PARTNERS HAVE SUFFICIENT CASH BALANCE, THEY CAN INTRODUCE FURTHER CAPITAL TO MAKE CASH BALANCE POSITIVE .

kawal

kawal (Querist)
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19 March 2010 sir partnership deed ke ander intrest on capital & remiunation is not mentioned? and partner dont have cash individual book?? And tell me that how i will adjust my profit??

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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19 March 2010 then alter your partnership deed and charge for the same,
for take some loan from individual parties or received cash from debtors.

also check you charge depreciation or not ?

CA Shiv

CA Shiv (Expert)
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19 March 2010 Dear sir i think its a hypothetical example.... negative cash balance and all.. if its real situtation than pleas give us detail to resolve....