Article 54 Case Scenario
Top-Towers is a Unincorporated partnership firm. Authorities want to determine the Taxable Income of the firm for a Tax period. What all Documents are required to be provided by the firm?
Solution: As per the provisions of “Article 54 (Clause 3) – Financial Statements”, For the purposes of Clause 1 of this Article, the Authority may request a partner in an Unincorporated Partnership to provide financial statements showing all of the following:
- The total assets, liabilities, income and expenditure of the Unincorporated Partnership.
- b. The partner’s distributive share in the Unincorporated Partnership’s assets , liabilities , income and expenditure.
Therefore, Top- Towers has to provide financial statements as mentioned in above provisions.
