Return - partner
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 August 2012
In income tax return of partner which profit to be shown (tax free)
1. Profit as per profit & loss a/c of partnership firm transferred to capital a/c of partner
2. Share of Profit as per computation of income of partnership firm.
e.g profit as per P&L Rs. 120000. (partner's share Rs. 60000) or
profit as per computation of income of partnership firm Rs. 105000 (partner's share Rs. 52500)
1. Profit as per profit & loss a/c of partnership firm transferred to capital a/c of partner
2. Share of Profit as per computation of income of partnership firm.
e.g profit as per P&L Rs. 120000. (partner's share Rs. 60000) or
profit as per computation of income of partnership firm Rs. 105000 (partner's share Rs. 52500)
10 August 2012
Firstly share in the profits of the firm is exempt in the hands of the partner.
Even if you want to show it, it will be shown under exempt income.
The amount will be the share in taxable profit (computed as per Income Tax Act) and NOT as per P&L.
Even if you want to show it, it will be shown under exempt income.
The amount will be the share in taxable profit (computed as per Income Tax Act) and NOT as per P&L.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- IMS (import of goods) ITC related
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Royalty payments to the Mining Department for procurement of murum - GST input
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
