Sir, a medicine shop is open by three partner?can income be shown on one partner file.?
Ashim kr Ray (social service) (1691 Points)
22 April 2017Ashim kr Ray (social service) (1691 Points)
22 April 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170682 Points)
Replied 22 April 2017
Shares is to be divided equally, but working partner can earn salary/remuneration under certain conditions, if such clause exists in the Deed.
Ashim kr Ray
(social service)
(1691 Points)
Replied 22 April 2017
Sir,
But partner B& C decided not to take there share and to give all share of profit to Partner "A",though in partnership deed it mention profit will be equally distributed.
So can in the IT file of partner "A" all the share of firm can be shown. Partner "A" fall under the category of 10(26) of IT act.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170682 Points)
Replied 22 April 2017
As per existing deed, it cannot be done in the specific manner. Alternative is let them give (that particular amount) as gift to A; & in future dissolve the partnership firm and let them start a new properietorship in the name of A
Hemant Yadav
(Student IPCC)
(39 Points)
Replied 23 April 2017
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)