Partnership with branch
This query is : Resolved
06 February 2014
DEar sir
in my case one of our client M/s neera associates , a partnership firm having PAN for Neera Associates deals with mineral water trading starts a branch with the name of quality readymades - a textile show room . in sales tax branch added and both neera & quality have same TIN and in vat return of neera texile sales & purchase also included . in income tax it comes under tax audit category. in income tax how it to be shown? can quality readymade be shown as branch of neera and consolidated statements can be filed under the pan of neera? is there any problem for that in income tax or partnership act? please help me its very urgent
in my case one of our client M/s neera associates , a partnership firm having PAN for Neera Associates deals with mineral water trading starts a branch with the name of quality readymades - a textile show room . in sales tax branch added and both neera & quality have same TIN and in vat return of neera texile sales & purchase also included . in income tax it comes under tax audit category. in income tax how it to be shown? can quality readymade be shown as branch of neera and consolidated statements can be filed under the pan of neera? is there any problem for that in income tax or partnership act? please help me its very urgent
06 February 2014
Quality will have its own tax audit report provided its To has exceeded the limit. In Quality the Neera is the partner so only the share of profit is to be added in the return of Neera which is exempted u/s 10
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