27 July 2017
Hello sir/Ma'am, I want to ask that in case of filling return of partners which profits we will show i.e profits as per income tax or as per the books of the partnership firm?
27 July 2017
A partner is not liable to be taxed again on its share in a partnership company. Since the income of the firm is already chargeable to tax
27 July 2017
I know that the profits are exempt in the hands of partner. My querry is we have to give information of profit earned by firm in the financial year. So whether we will consider book profit or profit as per income tax to show in the return of partner.
CAclubindia
