REGARDING PARTNER WITHDRAWL AND ADDITION IN PARTNESHIP FIRM

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Quick Summary
This discussion clarifies the liability concerning partner withdrawals and additions to a partnership firm. Transactions made through banking channels generally do not incur liability. However, if funds are withdrawn or added in cash, partners may face penalties under Section 269ST of the Income Tax Act.

03 September 2022 Whether there is any liability arise on withdrawal and addition of funds in partnership firm by partners ?

04 September 2022 No liability in case of withdrawal and addition of funds through banking channel.

04 September 2022 what is liability in case of withdrawal and addition of funds through cash ?

04 September 2022 269ST penalty applicable.


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