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.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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