Partnership firm

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Jeevitha (Querist)
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13 February 2014 Dear Sir,

What all the tax benefits can a partnership firm dealing in architecture service get.? and if the partners decide to transfer their cash balance to capital reserve and transfer 10% of the profit every year to the reserve and no partner has right whatso ever to use that money and that money can be utilised only for the purpose of unforseen contigencies or if firm incur loss..then what is the procedure to do so..

Please reply at the earliest

Thanks in advance

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 February 2014 what benefits are you looking for??

with regards to the other question, well you have already laid out the procedure. there is no regulatory filing required for this. you can do it at your own discretion.

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