Question on Schedule EI
This query is : Resolved
27 September 2009
Hi,
I am refering to Schedule EI of ITR-4 form.
It mentions of Exempt Income. Point 5 has 'Share in Profit of Firm/AOP'.etc.
My question is:
(1) Does 'Firm' refer to Partnership firm only?
(2) Does it mean that all the income from the Firm/AOP is totally tax free?
I really appreciate you for going through my question and answering it.
Many thanks!
I am refering to Schedule EI of ITR-4 form.
It mentions of Exempt Income. Point 5 has 'Share in Profit of Firm/AOP'.etc.
My question is:
(1) Does 'Firm' refer to Partnership firm only?
(2) Does it mean that all the income from the Firm/AOP is totally tax free?
I really appreciate you for going through my question and answering it.
Many thanks!
27 September 2009
Answers
1) Yes
2) As profit of Firm/AOP is taxable in the hand of Firm/AOP, share of profit received is tax free in the hands of partners of the firm.
1) Yes
2) As profit of Firm/AOP is taxable in the hand of Firm/AOP, share of profit received is tax free in the hands of partners of the firm.
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