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.
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.