Partnership firm income and income tax
This query is : Resolved
BASAVARAJU
(Querist)
02 October 2018
Sir
In the partnership firm, income tax paid by partner on firm income and cash withdrawn in firm has drawings Rs. 50000 and 30000 to be account in his individual accounts.
In the partnership firm, income tax paid by partner on firm income and cash withdrawn in firm has drawings Rs. 50000 and 30000 to be account in his individual accounts.
KAVIRAJA ADDANGADI
(Expert)
02 October 2018
Partners can withdraw amount which reduces the capital, every year Share of Profit or Loss will increase or Decrease capital of Partners according to Ratio agreed in Deed. Same can be adjusted in there individual Books of account by increase or Decrease Investment in Firm.
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