KINDLY CONFIRM
This query is : Resolved
LAKSHMI BHUTRA
(Querist)
17 August 2009
CAN A PARTNERSHIP FIRM GIVE AND TAKE CASH FROM A COMPANY IN ASE WHERE THE PARTNERS AND DIRECOTRS OF THE FORMER FIRM AND LATTER COMPANY IN THE RELATIVE CASE ARE THE SAME PERSONS
UMA SHANKER SHARDA
(Expert)
22 August 2009
No, directly the firm & company can not take & give cash. But this can be done when first drawing is made by partners from firm in their own name & given to company. Reversal of this can not be done.
Care has to be taken about income tax provisions also.
Care has to be taken about income tax provisions also.
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