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Income tax on profit sharing

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(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.
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Gokul Sharma

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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.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
06 September 2019 Exempted u/s 10(2A).




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