Income from partnership firm
This query is : Resolved
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?
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
Any salary or remuneration received by partners from partnership firm is chargeable to tax as business income.
Share of profit received by partners from profits of the firm is firm is exempt in their hands
Share of profit received by partners from profits of the firm is firm is exempt in their hands
27 July 2017
Any salary or remuneration received by partners from partnership firm is chargeable to tax as business income.
Share of profit received by partners from profits of the firm is exempt in their hands
Share of profit received by partners from profits of the firm is exempt in their hands
27 July 2017
Any salary or remuneration received by partners from partnership firm is chargeable to tax as business income.
Share of profit received by partners from profits of the firm is exempt in their hands
Share of profit received by partners from profits of the firm is exempt in their hands
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.
27 July 2017
Share as per firm's income tax computation should be shown u/s 10(2A).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Type of Capital Gain
- Booth for sales promotion
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
