One of my client is a partner of a firm which is engaged in dealing with paint products. Now he is looking forward to invest in quarry business where he will hold 10% share for 20 lakhs rupees.
Now he is in requirement of money for the same. Can he withdraw money from his existing firm. If yes what is accounting and tax impact?? The existing firm is having a cash balance of 27 laks
CAclubindia
