Income tax on profit sharing
This query is : Resolved
sachin Alwadhi
(Querist)
06 September 2019
Query of partnership firm.There are two partners in the firm with profit sharing 35% and 65% respectively with no remuneration and no interest on capital.So what will be income tax treatment for profit part in individual income tax return of partner.
Gokul Sharma
(Expert)
06 September 2019
profit from firm is exempted in hand of partners because on that amount firm gives the tax.
there should not be double taxation.
there should not be double taxation.
06 September 2019
Exempted u/s 10(2A).
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