Hello,
I have
Interest on capital - 180K
Remuneration - 82.5K
After tax
Profit from Partnership - 12K
Income from Other source - 50K
As Profit from Partnership12K is not taxable, but I can include it in my Gross income and under which section can I show 12K so it will be not taxable
Thanks
Profit from partnership firm is exempt u/s 10(2A) and it will not form part of the total income of the partner. Since the income is exempt there is no question of showing it under GTI.
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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SMJ global advisors pvt ltd
New Delhi
B.Com
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CAclubindia
