Can partner take 20000.00 in form of cash every month in a partnership firm.
Is it allow by law or not please clarify.Tks
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Cash withraw limit in Partnership firm
Replies (3)
Quick Summary
It depends upon how the partner is taking ? either
1) Drawings
2) Loan/advance
3) Salary
1) Drawings
2) Loan/advance
3) Salary
@ Mr Dinesh Banthia.,
Can You elaborate with more details for Your query...?!
Can You elaborate with more details for Your query...?!
1) Drawings - No limit
2) Receipt of Loans/advances -Sec 269SS - penalty will be levied
3) Salary - Expense Disallowed as per Sec 40A(3)
2) Receipt of Loans/advances -Sec 269SS - penalty will be levied
3) Salary - Expense Disallowed as per Sec 40A(3)
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