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income tax on partners salary

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 November 2009 Sir,
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
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Kapil Arora

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Kapil Arora (Expert)
06 November 2009 how much firm getting deduction,,,only that part
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
06 November 2009 If u have drawn salary Rs.72000/-,then u have to show that amount in your income tax return under the head 'income from profits and gains of business/ profession'.
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Querist : Anonymous

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Querist : Anonymous (Querist)
06 November 2009 Sir,
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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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
07 November 2009 The entire 72000 is taxable in your hands as salary.
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