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
It depends upon how the partner is taking ? either
1) Drawings
2) Loan/advance
3) Salary
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128106 Points)
Replied 13 April 2020
@ Mr Dinesh Banthia.,
Can You elaborate with more details for Your query...?!
Can You elaborate with more details for Your query...?!
Uday
(Article Assistant)
(411 Points)
Replied 13 April 2020
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)
Recent Topics
- Failed to complete pre validations.RET00001 GST RE
- RCM on Groundnut purchased from farmers
- Cash transfer treatment between spouse under new r
- APPLICABILITY OF GST ON PULSES PREPACKED AND LABEL
- HSN Code for Keychain (Plastic+metal)
- Society and development, Highlighted by a term fin
- REGISTER ACCOUNT IN INCOME TAX PORTAL - NRI &
- LTCG ON PROPERTY SOLD IN PARTS
- Which GST to charge(Whether exempt or chargeable)
- Impact on project cost
Related Threads
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
