Partnership firm

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43 Points Joined March 2013
Three HUF can run trading business as a Partner for new partnership firm? If yes then what about firm's income, remuneration.
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On 16 July 2016 at 17:17 Report
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First, check whether major members of all three HUF are up to 50 in total, else it will be treated as illegal association under companies act.

Second, firm's income is taxable at 30℅ plus surcharge and cess. And, partner's remuneration is deductible from firm's income up to a limit, and such remuneration is exempt to partners.

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On 16 July 2016 at 19:27

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