Filing of income tax
This query is : Resolved
Ami D Trivedi
(Querist)
29 November 2013
Dear Sir,
If i am partner in partnership Firm, firm earns profit in the year end, and i get my profit as per profit sharing ratio.
My question is, company will pay income tax on profit, but should i also pay income tax on my share of profit in my personal return
If i am partner in partnership Firm, firm earns profit in the year end, and i get my profit as per profit sharing ratio.
My question is, company will pay income tax on profit, but should i also pay income tax on my share of profit in my personal return
29 November 2013
Share of profit received from Partnership firm is wholly exempt (i.e. not taxable) in the hands of Partner.
hence you don't require to pay tax on share of profit as partnership firm have already paid tax on that amount.
hence you don't require to pay tax on share of profit as partnership firm have already paid tax on that amount.
Ami D Trivedi
(Querist)
09 December 2013
thank you very much sir
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