Partnership Registration

This query is : Resolved

Sibin (Querist)
Follow

15 March 2021 We 3 partners are running some service related jobs based on commission. (eg: Courier, share brocking franchisee, insurance portal). But all the above license are in my name only. So all the commissions are credited in my personal bank account only and the TDS so deducted are in my PAN. Firm was neither registered as partnership firm / Proprietor ship/ Pvt limited. We want the partnership firm to be registered and open a Current account. my query is
1. How to include the above said services in Partnership firm, if it is registered.
2. How will treat the Tax liability.
3. I want a salaried income from the partnership firm as I am looking for a home loan with in 6 months.

Profits are equally shared among the partners irrespective of the capital contributed.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

15 March 2021 1 Prepare a partnership deed in a stamp paper. Obtain PAN for the firm. Open Bank account based on PAN.
2 30% tax payable on profit after salary and interst deduction.
3 Salary monthly can be taken from the firm.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now