Tax in partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2013 I AM A PARTEN IN PARTNERSHIP FIRM. THE FIRM MADE A NET PROFIT OF RS700000/ during 2012-13. We are 2 equal parteners. At what rate will this profit be taxes. I had a share of Rs350000/ .Shall i show this profit in my individual file. will this profit be again taxed in my individual file. Please explain me in details with taxation rates of partnership firms And implications on individual files.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 October 2013 30% is the rate of tax for partneship firm.
Share of profit to partners is exempted u/s 10(2A).

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2013 PLEASE TELL ME EXEMPTION LIMIT AVAILABLE FOR PARTNERSHIP FIRM

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 October 2013 No basic exemption from taxable income for partnership firm.

Taxable income of partnership firm is to be taxed at 30.09%.

Share income of partner is exempted. However it is to be disclosed in his personal return as exempted income , if partner is liable to file return as per law.

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