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Taxation of partnership - Coggle Diagram

- - - - Although such a family may be partner in a partnership and any association which is established pursuant to a scheme of financing in accordance with the principles of Shariah
- - - - Guideline for determining partnership without the deed
        
        Profit/loss sharing ratio
        
        Manner of operating the bank account and limitations of the signing of cheques
        
        Name used in carrying on the business as shown in trade directories and business correspondence
        
        Partner's remuneration, drawings, capital contributed, and interest allowed for capital
- - - - not later than 30 June in the year following the year of assessment
      - a return in the prescribed form (P)
        
        Specify the divisible income or loss
        
        Contain such info as is necessary to determine the statutory income from all sources of the partners of the partnership
        
        Contain such other information as may be required by the DG
- - - - Partner's wages
      - Interest payable on partner's capital
      - Private expenses charged to the partnership accounts in arriving at the provisional adjusted income of the partnership
  - - - Provisional adjusted income less those that cannot be deducted
    - - Share of divisible income
      - Remuneration, interest, private expenses of the partnership
- - - - Include drawings for personal use or family's consumption
    - - No receipts
      - Example
        
        Taxi fares, parking fees
      - In this case, a record should be made as to the date incurred, the amount paid and the purpose for which the expense is incurred
    - - Motor vehicles
        
        May be used both for business and private purpose
        
        A record of business and private mileage should be kept
        
        This will be used to allocate the expenses incurred on the vehicle between the two purposes
      - Shop premises
        
        A part of a shop may be used as a private purpose
        
        A record of business and private expenses on the shop premises should be kept
      - Overdraft/loan
        
        An overdraft or loan could be used for both business and private purposes
        
        Details of private or non-business use of the overdraft should be maintained