Share of profit to god in a partnership firm
This query is : Open
D J Gangadhara Guptha
(Querist)
12 December 2013
a partnership firm wants to give 5% share in net profit to God and spend the same for His festivals in Temple.
How to execute the deed? can an agreement between partners is enough?The do not mind to pay taxes if any on it?
How to execute the deed? can an agreement between partners is enough?The do not mind to pay taxes if any on it?
Hitendra Jain
(Expert)
12 December 2013
Partnership is creation of agreement. It may oral or written.
What required in your case is an outflow of fund by way of religious expenses and for this an agreement is suffice.
What required in your case is an outflow of fund by way of religious expenses and for this an agreement is suffice.
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