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Cash withraw limit in Partnership firm

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32 Points Joined September 2018
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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On 12 April 2020 at 22:08 Report
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Article Assistant
411 Points Joined August 2016
It depends upon how the partner is taking ? either
1) Drawings
2) Loan/advance
3) Salary
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On 13 April 2020 at 08:05
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
@ Mr Dinesh Banthia.,

Can You elaborate with more details for Your query...?!
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On 13 April 2020 at 08:38
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Article Assistant
411 Points Joined August 2016
1) Drawings - No limit
2) Receipt of Loans/advances -Sec 269SS - penalty will be levied
3) Salary - Expense Disallowed as per Sec 40A(3)
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On 13 April 2020 at 09:11

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