One partnership firm who are doing medicines export business, partnership firm name abc pharma, now partners want to start new business of cloth export on name on abc impex under same PAN Card and under same partnership firm,
they want to take payment of export goods of abc impex on abc pharma Bank Account,
Is it Possible ? If yes, then how can we manage this ? say effcet of income tax, custome duty?
Yes it can be done with a different name but the new export business will be a division of the existing firm. Income from the existing firm and export business will be clubed for the purpose of income-tax. Regarding customs and excise duty the rules as prevailing should be followed.
Please note that the new business is not a seperate firm it is a division of the existing firm.
Best Wishes
Sathikonda
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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