If a partnership firm opts for presumptive income then how will the income of partner from pgbp from that firm be calculated. Will it be on profit sharing ratio of 8% of firms turnover or some other method?
Sidharth Shankar (Chartered Accountant) (118 Points)
22 July 2017If a partnership firm opts for presumptive income then how will the income of partner from pgbp from that firm be calculated. Will it be on profit sharing ratio of 8% of firms turnover or some other method?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 22 July 2017
Income (rather shares) of partners after presumptive assessment of the firm will be tax-free in the hands of partners......
RAJA P M
("Do the Right Thing...!!!")
(127140 Points)
Replied 22 July 2017
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