Partnership firm

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Anu Elizabeth Shaju (Querist)
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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.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.
.

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Anu Elizabeth Shaju

Anu Elizabeth Shaju (Querist)
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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?

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