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Partnership query?

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student
467 Points Posted on 25 March 2022
can we carry forward closing balances of last year individual return as opening balance of partnership firm if the individual and partner including his spouse are same
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On 25 March 2022 at 12:43 Report
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Chartered Accountant
5010 Points Posted on 25 March 2022

No, because Partnership Firm is a separate entity with distinct PAN from its Partners. 

8 Reply
On 25 March 2022 at 12:53
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CFO- at NHTF
58280 Points Posted on 25 March 2022
If it is transferred to Partnership Firm then you can you may adjust in capital and other assets based on the nature of balance sheet items
59 Reply
On 25 March 2022 at 12:59
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Practicing Chartered Accountant
959 Points Posted on 26 March 2022
No, as both have different PANs
4 Reply
On 26 March 2022 at 11:04


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