Dear Tax Experts,
We are 3 partners in a registered LLP - Me, My wife and biz partner.
W have 2 questions:
1> Can we have more than one biz/curent account in same or different banks?
2>If we can have more than one biz/current account then can we apply composite tax for one account and the other as normal account.
Thanks a lot Rashmi and Pavanji.
1> 5Cr is the limit for composite tax...is it going to change in future?
2>What is the impact if we change from normal to Composite tax and vice versa .
currently we have normal current account. But competitors are giving heavy discount rate...so we are thinking of going for composite but we are not aware of the impact in future?
that is only gst limit which has been ammended recently.
Thanks once again Rashimiji and Sabhyasachiji...sad to see it is 1.5Cr...:(
Any chances of amendments to increase to more than 1.5cr
CAclubindia
