Nri partner
This query is : Resolved
ABDUL VAJEED
(Querist)
06 March 2012
HI
One of my clients is running a partnership Firm , having 2 Partners, Now they want one partner to go out and admit a NRI as partner ,
What procedute to be followed in income tax and sales tax ?
One of my clients is running a partnership Firm , having 2 Partners, Now they want one partner to go out and admit a NRI as partner ,
What procedute to be followed in income tax and sales tax ?
Krishna Mohan
(Expert)
06 March 2012
Draft a retirement cum admission deed for this. While filing IT return for the year, you have to mention the new partner details in ITR 5. AFA VAT is concerned, you have to intimate the related VAT authorities about the change in partners.
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