Loss from partnership firm
This query is : Resolved
26 June 2013
A company, which is also a partner in a partnership firm has the following incomes :
(a) Income fm Interest Rs 60000/-
(b) Income fm Partnership Firm Rs (-) 20000/-
Now while calculating the tax, tax would be calculated on Rs 60000/- or net Rs 40000/-?
(a) Income fm Interest Rs 60000/-
(b) Income fm Partnership Firm Rs (-) 20000/-
Now while calculating the tax, tax would be calculated on Rs 60000/- or net Rs 40000/-?
CA UMESH DULAL
(Expert)
26 June 2013
Any income from partnership firm is exempted and as per definition profit includes loss
so income of company is 60000.
so income of company is 60000.
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