Tax on profit after tax recvd from partnership firm?
This query is : Resolved
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..
Thanks in advance..
CA RICHA BADALIA
(Expert)
14 September 2012
Share of profit is exempt in the hand of partner.
CA Ayush Agarwal
(Expert)
14 September 2012
Yes, U/s 10 (2)a
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