Dear Sir
We are 2 partners of a firm who has income of rent from Consulate. For last 2 years the either paid the rent either almost at the end of the year or did not pay the rent.
Since the payments came late the the partnership firm, partners could not count and pay the advance tax from their individual advance tax as the rent in the firms books was not received in the books of partnership firm.
Now we are forced to pay penalty on non payment of advance tax. How can we calculate and pay advance from our individual accounts when the income was not reflected in firms books on the day when we were suppose to pay the advance tax?
Can you help us as we have ended up in paying heavy penalties on non payment of advance tax. Will appreciate your response / guidance on the matter preferably on my email tarunsheth @ yahoo.com.
Regards
Tarun Sheth
CAclubindia
