Drawings
This query is : Resolved
04 January 2017
Hi,
Whether drawings by a partner from the partnership firm is taxable in the income of partner.
Whether it is treated as exempt income.
Whether drawings by a partner from the partnership firm is taxable in the income of partner.
Whether it is treated as exempt income.
04 January 2017
Drawings is not taxable.
04 January 2017
Drawing will Decrease the investment in firm account
04 January 2017
Drawings is not an income, hence not taxable. Only interest received on capital(if any) will b taxed in hands of the partner. And Salary also (if any)
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