Partnership
This query is : Open
02 December 2016
Issue:-3 partners form a Partnership firm as on 15/12/210,as per deed.But,Current A/C in name of the partnership is opened on 2/2/11.Now,one of the partner(Managing partner),with consent of other partners (by Deed and a special power of attorney)does all transactions for the business of the firm in his Savings bank a/c.
Now,my quarry is,after opening the Current bank A/C,when the managing partner will transfrer all the fund generated ,in that Savings A/C, out of the business activity done on behalf of the firm to the Current A/C,then can ITO disallow the transfer and taxed the income as personal income of the said managing partner?
Now,my quarry is,after opening the Current bank A/C,when the managing partner will transfrer all the fund generated ,in that Savings A/C, out of the business activity done on behalf of the firm to the Current A/C,then can ITO disallow the transfer and taxed the income as personal income of the said managing partner?
02 December 2016
No, as per the deed and mutual consent of all the partners, the partner(managing) was allowed to do all the transactions on behalf of the firm, then he must not be charged for such transfer(if the transactions are done before opening of form's bank account).
05 December 2016
Thank you sir,for your valuable responce.
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06 December 2016
U r welcome. U can show ur appreciation by hitting the like button if u like my reply
28 January 2017
Sir,now in such a situation,some business has been conducted in name of the firm and payments has been received in the said savings bank A/C of the M/partner.Now, client asking PAN number to deduct the TDS on such payments.and meanwhile we have got the PAN of the firm.Now,sir can we ask client to deduct TDS for such payments against firm's PAN? will it be stand good as per Income Tax Act,since payment received by an Individual(viz,In the savings A/C of the M/partner).Sir,please advice .waiting for your valuable advice.Thank you.
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