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FOREIGN REMITANCE RECD IN FIRM ACCOUNT

02 September 2022

if US company trf 1 lac USD to indian partnership firm what will be tax implications?? that 1 lac will be credited partners capital account

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3 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14868 Points)
Replied 02 September 2022

What is the reason for transfer?. Is it Export of goods or services by your partnership Firm.

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afreen shaikh (169 Points)
Replied 02 September 2022

It's being transferred from partner's company... capital contributions

veerendar singh (tax consultant) (3306 Points)
Replied 03 September 2022

Its a capital receipt in the hands of firm
but tax implication in the hands of partner needs to be analysed. the details you have given are insufficient

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