Income from partnership firm
This query is : Resolved
Aashi Ajmera
(Querist)
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?
Rahul varshney
(Expert)
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
Studentsca
(Expert)
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
Studentsca
(Expert)
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
Studentsca
(Expert)
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
Aashi Ajmera
(Querist)
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).
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