Regarding patnership matter
This query is : Resolved
m.faruk yusuf patel
(Querist)
03 February 2013
respected sir, my client stated partnership without partnership deed from 1 April,2012. they opened accounts in bank in the name of one partner and receipt againts sale and all payments are made from this account. I want to file return for partnership upto july,2013. so tell whether can I disclose this account in partnership return? is there any problem under income tax?
CA PARAS BAFNA
(Expert)
03 February 2013
In case of Partnerships not evidenced by a deed, benefits of Interest and
Remuneration to Partners are not allowed and the firm is required to pay tax @ 30%.
.
In the given circumstances it is better to treat the business under the proprietor's name and other partner may be given equivalent salary.
Remuneration to Partners are not allowed and the firm is required to pay tax @ 30%.
.
In the given circumstances it is better to treat the business under the proprietor's name and other partner may be given equivalent salary.
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