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FOREIGN REMITANCE RECD IN FIRM ACCOUNT

230 views 3 replies

afreen shaikh

199 Points Posted on 02 September 2022

if US company trf 1 lac USD to indian partnership firm what will be tax implications?? that 1 lac will be credited partners capital account

Replies (3)

prasad Nilugal

GST Practitioner & Accounts

15085 Points Posted on 02 September 2022

What is the reason for transfer?. Is it Export of goods or services by your partnership Firm.

afreen shaikh

199 Points Posted on 02 September 2022

It's being transferred from partner's company... capital contributions

veerendar singh

tax consultant

3306 Points Posted on 03 September 2022

Its a capital receipt in the hands of firm
but tax implication in the hands of partner needs to be analysed. the details you have given are insufficient

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