banner_ad

Income from firm

This query is : Resolved 
Profile Image

Profile Image

(Querist)
21 March 2014 The Firm has only Agriculture Income. Partner receive the income from firm.

then, In the hands of the partner the income from firm is exempt as partner receive from firm or not ??

or

Partner showing as income under agriculture income in his return??
Profile Image

Anand Dad

Profile Image

Anand Dad (Expert)
21 March 2014 income from the firm to the partner is exempt in the hands of partner
Profile Image

Anand Dad

Profile Image

Anand Dad (Expert)
21 March 2014 agricultural income is anyways exempt......
Profile Image

CA Himanshu vasani

Profile Image

CA Himanshu vasani (Querist)
21 March 2014 partner has also another income then also the same effect ???
Profile Image

Anand Dad

Profile Image

Anand Dad (Expert)
22 March 2014 Yes as per sec. 10(2A), Partner's share from any partnership firm is exempt.......
Profile Image

Anand Dad

Profile Image

Anand Dad (Expert)
22 March 2014 The simple logic behind this is that income tax department cannot tax anyone twice fro any income
Profile Image

Anand Dad

Profile Image

Anand Dad (Expert)
22 March 2014 this income is already taxed in the hands of the firm.......


Thus it cannot be taxed twice in the hands of the partner.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
04 May 2026
Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
05 May 2026
Accountant

Sanjay K Pathak & Associates

Noida

Graduate (Any)

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details