Profit u/S10(2A)

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4 Points Posted on 28 January 2021
share of profit received from partnership firm is exempt, Is this also exempt in gst??
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On 28 January 2021 at 15:07 Report
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This discussion clarifies the tax treatment of profits received from a partnership firm. It confirms that while these profits are exempt under the Income Tax Act, they are also exempt from Goods and Services Tax (GST).

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Chartered Accountant
24588 Points Posted on 28 January 2021
Yes share of profit received from partnership firm is exempt under IT act.
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On 28 January 2021 at 16:56
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17269 Points Posted on 28 January 2021
Yes it's exempt under GST.
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On 28 January 2021 at 20:21

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