Hii All
Mr. A has invested 20Lacs in a partnership firm through capital introdcution. During the year he withdraw Rs. 1.80Lacs on account of Drawing/s.
Whether he is liable for tax on such 1.80 lacs drawings?
Whether he is required to show 1.80 Lacs in his Return of income? If yes, then under which head?
Please help.
Thanks
Niharika
CAclubindia
