Partnership Firm - Income tax Regarding

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  1. M. Milton Joe

    M. Milton Joe New Member

    Dear Sir/Madam,

    I have started an educational partnership firm. The firm consists of two partners. I am about to the file for the income tax for the first time. My queries are as follows.

    1) Is it necessary to file income tax of the two partners as individuals? (Both the partners income tax are less than 2,50,000).

    2) Can I provide salary to the employee of the firm by issuing cheque? if I go for cheque are they considered as permanent employee? And then should I create EPF for the employee?

    Or Can I provide the salary by cash? Which is good for the firm.

    Kindly suggest me the basic ideas to run the firm without any problem.

    Thanks in advance.
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