Partnership query?

127 views 3 replies
User Avatar

student
467 Points Joined July 2012
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
0 Reply Share Follow
On 25 March 2022 at 12:43 Report
Replies (3)
User Avatar

Chartered Accountant
5010 Points Joined March 2020

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

Reply
On 25 March 2022 at 12:53
User Avatar

CFO- at NHTF
58280 Points Joined August 2012
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
Reply
On 25 March 2022 at 12:59
User Avatar

Practicing Chartered Accountant
959 Points Joined May 2016
No, as both have different PANs
Reply
On 26 March 2022 at 11:04


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading