Taxation of casino business
This query is : Resolved
Abhishek Kumar Singh
(Querist)
20 August 2013
Mr. A,B & C are partners equally in a Casino .State the tax implications of casino and its partners.
CA PARAS BAFNA
(Expert)
20 August 2013
In case the casino business is legally permitted by the State then only question of direct taxes implication arises.
.
So, in case the business is legal, Act & Rules applicable to the normal firms and partners will apply.
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In case the business is illegal there will be no legal relationship like firm and partners.
.
.
So, in case the business is legal, Act & Rules applicable to the normal firms and partners will apply.
.
In case the business is illegal there will be no legal relationship like firm and partners.
.
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