Partnership firm or proprietorship
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2013
Mr. X Run a propreitorship firm.
Last Year NP was 670000/- Due to which a huge amount of tax was paid.
Now Mr. X want to reduce the liability
In the Current year
He is to open a new concern.
Which option he should go with propreitorship or Partnership firm ??
Q. Are Partnership firm are liable to be taxed after the payment of salary & Intt to the partner ??
Mr. X Run a propreitorship firm.
Last Year NP was 670000/- Due to which a huge amount of tax was paid.
Now Mr. X want to reduce the liability
In the Current year
He is to open a new concern.
Which option he should go with propreitorship or Partnership firm ??
Q. Are Partnership firm are liable to be taxed after the payment of salary & Intt to the partner ??
07 July 2013
partnership firm will be liable to pay tax on the amounts beyond the permissible limits of deduction for salary and interest...
these deductions would be taxed in the hands of partners... share of profit would be exempt in hands of partners since already taxed.
so max tax saving will be the amount of tax on basic exemption limit of an individual... coz beyond that the partner would be himself assessed to tax.
these deductions would be taxed in the hands of partners... share of profit would be exempt in hands of partners since already taxed.
so max tax saving will be the amount of tax on basic exemption limit of an individual... coz beyond that the partner would be himself assessed to tax.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
