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Partnership income received in partner personal account

03 October 2023

Can partner receive money of sales made by partnership firm in their personal account and show them as a business income?

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5 Replies

CA Altamush Zafar (GST Consultant) (15907 Points)
Replied 03 October 2023

It will remain business income of the partnership even if money is received in partners account...

Abhay salunkhe (95 Points)
Replied 03 October 2023

Yes i want to show that as business income only. But my question was can I receive the amount in my personal account?

CA Altamush Zafar (GST Consultant) (15907 Points)
Replied 03 October 2023

Can be done ..But this practice should not be regular

RAJA P M ("Do the Right Thing...!!!") (127177 Points)
Replied 03 October 2023

Yes I agreed to Mr CA Altamush Zafar...

If the firm have bank account then You transfer the amount to the firm's account...

If no bank account then open account ASAP

Abhay salunkhe (95 Points)
Replied 04 October 2023

My firm is incorporated on nov 22, from then i was receiving firm's income in my personal account. In june 23 i think i opened an account on firm's name. But now while filing the ITR how can i show the income received from nov 22 to mar 23. For an example there is 10lakhs which was received in my personal acccount but that income was firm's income. How can i show that income in firm books.