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Tax on profit after tax recvd from partnership firm?

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14 September 2012 Dear Members, A private ltd co. is partner in a Partnership firm and received a profit after tax from partnership firm, what will be the treatment of this profit. I think it will be added directly to the Reserve & Surplus of the company because it is a profit after tax, so no need to pay tax on this profit by the company. Please correct me if i m wrong and suggest the best way of treatment of this profit..

Thanks in advance..
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CA RICHA BADALIA

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CA RICHA BADALIA (Expert)
14 September 2012 Share of profit is exempt in the hand of partner.
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CA Ayush Agarwal

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CA Ayush Agarwal (Expert)
14 September 2012 Yes, U/s 10 (2)a
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