12 August 2011
I am a proprietor in a ABC where I get an income of Rs. 2.5 lacs , along with that I am a 50% partner in XYZ where my share of profit from partnership is Rs.10 lacs (total xyz profit is 20 lacs). I want to know my tax liability . Do we include the total profit for calculation of taxable income and then reduce the tax n partnership profit (as in the case of agricultural income) or its 100% exempt. Please reply asap Thnx in Advance
CAclubindia
