Partnership firm
Rakesh (Accountant) (43 Points)
16 July 2016
Three HUF can run trading business as a Partner for new partnership firm? If yes then what about firm's income, remuneration.
1 Replies
(Guest)
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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