Advocate Pramod Kr. Shukla

Questions Answered by Advocate Pramod Kr. Shukla

Q: Liability of a passive partner if active partner in a partnership firm

I have partnership firm. It is from last 1 year, but no transaction done. No account in any bank. I am passive partner. We have certificate that we have put in our office. My partner was doing his business but from his personal account. All transaction he done from his account only. My partner taken some loan individually from some people by giving his personal cheques only. He used name of the firm that we have this firm and running our business. But no document of sign. He taken loan based on his cheques he given to these person. Is there any liability on me? I got call from someone that we are filing a case with my partners cheques and mentioning that he was doing business with this firm. Please suggest

Advocate Pramod Kr. Shukla answered
Respected Mr.(1)according to the Income Tax Act for a partnership business under Partnership Act partnership deed must be drawn between all the partners (2) there are two types of partners a. Active partner b. Passive partner, passive partner is under no liability to pay the dues of the firm and personal debts of the partner for further clarification please contact.

Q: Can there be same board of directors in holding and subsidiary company

Can there be same board of directors in holding and subsidiary company and can a board of directors pf holding company be shareholders in its subsidiary?

Advocate Pramod Kr. Shukla answered
yes there can be same board of directors according to the companies act 2013 and as per the provision of Companies Rules , 2014 and 2017 as well.for further consultation i suggest you to kindly contact me on the given mobile number and email as well

Q: Clarification regarding process of starting a company

How to form a company in Noida, Uttar Pradesh? Is it better to start textile business in partnership or in company form?

Advocate Pramod Kr. Shukla answered
textile business may be started in noida, some legal formalities you to fulfill. 2. textile business or any other business may be done in 3 modes a. in proprietorship 2. in partnership 3. in form of a company, every form of starting of business has different type of formalitiez and diffdrent type of legal liabilitiez.

Q: Clarification regarding compensation received from Insuarance

Dear Sir, Compensation received from Insurance company in 17-18 for Loss of truck by fire will be taxable under INCOME TAX LAWS ?? Note :- I have shown Income u/s 44 AE in 16-17 . In 17-18 also there is truck income . 2) If it is TAXABLE PLS TELL THE PROVISIONS IN THIS REGARD.

Advocate Pramod Kr. Shukla answered
You are liable to pay tax on capital gain on the amount received as compensation against the damage caused to your vehicle as per information that you have declared the truck income under sec 44AE of the income tax act , 1961.