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Assessment of a partner

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(Querist)
04 June 2013 Sir,

how to calculate a partner,s income and tax thereon when;
1. he receives Rs. 50000/- as share of profit, Rs. 25000/- as Interest and Rs. 75000/- as remuneration.

2. he receives Rs. 75000/- as share of loss, Rs. 50000/- as interest and Rs. 75000/- as remuneration.

All the entries have been passed in his capital account.
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
04 June 2013 Assumed that above figures are for complete year and no other income is provided. ITR 3 is applicable.

1. Profit is exempt. Intt. and Remuneration is taxable under PGBP head.

2. If profit is exempt loss is not allowed to be set off. Rest is taxable.

In both cases, total is less than basic limit. So no tax.
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