income tax on partners salary
Querist : Anonymous
i am a partner along with another person in a firm. we are drawing a salary of Rs.72000.00 each. Since the firm is in loss we are allowed only a salary of Rs.25000.00 each.
Now for paying the personal tax how much will I be liable?Do I need to pay tax on Rs.72000/Rs.47000.00?
Please help me
Querist : Anonymous
do u mean that entire 72000.00 is liable to tax? Rs.47000-00 is already being taxed in the hands of firm
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