Easy Office
LCI Learning

Drawing

This query is : Resolved 

29 December 2015 Fund withdraw from firm will impact on partners individual income tax liability..? , if yes please explain. Rgds, Amir.

29 December 2015 Dear Amit
Drawings is form of capital withdrawn is capital receipt hence not taxable in hands of partner

As the salary and interest are taxable on acrual basis no matter partner withdraw it or not
So all drawings are in nature of capital receipt not taxable.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries




Answer Query