Filing of income tax

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Ami D Trivedi (Querist)
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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

CA Harish Shyam Choudhary

CA Harish Shyam Choudhary (Expert)
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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.

Ami D Trivedi

Ami D Trivedi (Querist)
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09 December 2013 thank you very much sir