Naveen Jain (Article Trainee) (134 Points)
17 September 2015Can anyone let me know if a company and partnership firm be joint holder of same bank account.
Suppose I am a CA group and I have 1 PS firm from which I raise invoices for providing audit services and 1 company from which I raise invoices for consulting services.
However a client has paid entire amt of different invoices in the bank account of the company.
Then how will I show income of the partnership firm?
Also how will the TDS be deducted?
karan jit singh
(Consultant)
(1299 Points)
Replied 20 September 2015
| Originally posted by : Naveen Jain | ||
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Can anyone let me know if a company and partnership firm be joint holder of same bank account. Individual can be the joint holder but artificial person cant become joint cowner of bank account
TRANSFER THE CASH /BANK TO FIRM FROM THE ACCOUNT OF THE COMPANY. pLEASE NOTE CO. INCOME SHOULD BE ASSESSED ON ACCRUAL BASIS.
TDS SHOULD BE CONSIDERED ON INDIVIDUAL INVOICES RAISED BY TWO ASSESSEES I.E PF AND CO.ACCORDINGLY MINIMUM THRESHOLD SHOULD BE CONSIDERED. |
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