Partnership firm
This query is : Resolved
29 July 2013
the income tax payment of a partnership firm is the liability of the partners or the firm??
how is it treated?
pls explain.
the income tax payment of a partnership firm is the liability of the partners or the firm??
how is it treated?
pls explain.
29 July 2013
Primary liability is of the firm.
.
Partners are jointly and severally liable when the tax can not be recovered from the firm.
.
.
Partners are jointly and severally liable when the tax can not be recovered from the firm.
.
Message likes :
1 times
01 August 2013
the firm pays advance income tax in 3 installments..
advance income tax
to bank
can u tell me what are the furthe further entries passed for adjustment of this advance tax??
is this then debited to partners current account?
advance income tax
to bank
can u tell me what are the furthe further entries passed for adjustment of this advance tax??
is this then debited to partners current account?
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