Can partner take 20000.00 in form of cash every month in a partnership firm.
Is it allow by law or not please clarify.Tks
It depends upon how the partner is taking ? either
1) Drawings
2) Loan/advance
3) Salary
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 13 April 2020
@ Mr Dinesh Banthia.,
Can You elaborate with more details for Your query...?!
Can You elaborate with more details for Your query...?!
Uday
(Article Assistant)
(411 Points)
Replied 13 April 2020
1) Drawings - No limit
2) Receipt of Loans/advances -Sec 269SS - penalty will be levied
3) Salary - Expense Disallowed as per Sec 40A(3)
2) Receipt of Loans/advances -Sec 269SS - penalty will be levied
3) Salary - Expense Disallowed as per Sec 40A(3)
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