Tax on partners income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2014 Partnership firm has loss in year say 2012-13 year Rs.20k (PSR 1:1 i.e., two partner) In current year 2013-2014 ,partnership firm has a profit of Rs.40k as per p&l a/c. so firm will pay the tax on Rs 20k after adjusting the c/f loss of Rs 20k. So my question is that is 20k is exempt profit for each partner or they have to pay taxes on Rs.10k...???

Nikhil Kaushik online

Nikhil Kaushik online

(Expert)
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30 July 2014 since when partners started paying tax on their share of profit?

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2014 In last year they have bermen not paid tax due to loss but in 2013-2014 firm made a profit of Rs.40k then partners share of profit would be Rs 20k each.so firm pays taxes on profit thats why such profit is exempt in hand of partners.but firm pays taxes in this case on RS 20k after adjusting c/f losses Rs 20.but partners share from 2013-14 profit is Rs.20k but pays pays taxes on Rs. 20k .so is the partners have to pay the taxes on Rs.10k...???